"Oil Prices Dip as Middle East Tensions Ease and Ceasefire Talks Progress"

Oil prices dropped nearly 2% as tensions in the Middle East eased following Israel's withdrawal of soldiers from southern Gaza and commitment to ceasefire talks, prompting Brent crude to fall below $90 a barrel. The move came after concerns of supply disruption had driven up oil prices by more than 4% the previous week. Meanwhile, Saudi Arabia raised official selling prices for crude grades to Asia, and a fire struck an offshore platform operated by Mexico's national oil company Pemex. Despite solid demand and no further geopolitical hits to oil supply, Goldman Sachs analysts expect Brent to remain below $100 a barrel, while investors await U.S. and China consumer price index data for clues on possible Fed rate cuts and economic health.