Oil prices remained steady on Thursday as markets weighed a ceasefire in Gaza against stalled Ukraine peace talks. Brent crude was at $66.09 a barrel, while U.S. West Texas Intermediate was at $62.37. Israel and Hamas endorsed the ceasefire, pending ratification by the Israeli government. The deal involves a ceasefire, partial Israeli withdrawal from Gaza, and hostage exchange.

Rystad Energy’s chief economist Claudio Galimberti sees the ceasefire’s wide-ranging implications for oil markets, potentially affecting regional conflicts and Iran’s crude exports. The war in Gaza has supported oil prices due to global supply risks. However, Moomoo’s CEO Michael McCarthy believes the Gaza ceasefire won’t impact Middle East oil supply due to OPEC+ not meeting production targets.

Oil prices rose 1% on Wednesday due to stalled Ukraine peace talks and ongoing sanctions against Russia, the world’s second-largest oil exporter. U.S. petroleum product consumption hit its highest level since December 2022, but JP Morgan analysts noted a softer global oil demand in October. Despite this, global oil demand averaged 105.9 million bpd in the first week of October, slightly below JP Morgan’s estimates.

Read more at Yahoo Finance: Oil little changed as investors weigh Gaza ceasefire, stalled Ukraine talks