Oil prices dipped as US business activity slows amid easing Middle East concerns

The conflict in the Middle East has caused a decline in oil prices, though tensions have somewhat eased. While the Israel-Hamas conflict persists, recent reports suggest Israel may be preparing for a significant offense.

Additionally, US business activity slowed in April to a four-month low, with the S&P Global Composite PMI Output Index dropping to 50.9 this month.

The US Federal Reserve is anticipated to commence rate cuts this year, potentially boosting economic growth and oil demand.

Brent futures decreased by 40 cents or 0.45% to settle at $88.02/barrel.

WTI fell by 55 cents or 0.66% to settle at $82.81/barrel.