Oil prices declined as markets assimilated calls from the United States, the European Union and several Arab nations for a temporary ceasefire in the conflict between Israel and Lebanon.
The countries are calling for an immediate ceasefire to last 21 days with Israeli premier Benyamin Netanyahu scheduled to speak to the UN today.
Saudi Arabia is also reportedly considering upping production to increase market share, according to reports, also dampening market optimism.
Brent Crude was down 2.22% at $71.83 per barrel in trading Thursday morning.
By Staff
