Oil prices in New York were on the rise but reversed course after Israel announced a plan to cease fire with pro-Iranian militant Hezbollah in Lebanon.
West Texas Intermediate crude for January delivery closed at $68.77 a barrel, down 0.25% from the previous session on the New York Mercantile Exchange, retreating to its lowest level since the 15th at close.
Brent crude oil for January delivery, which is subject to international market comparisons, closed at $72.81 a barrel, down 0.27% from the previous session, its second straight session.
West Texas Intermediate crude also jumped nearly 2% in early trading in New York morning on foreign media reports that OPEC+, a consultative body between the Organization of Petroleum Exporting Countries and major oil producers, could delay production plans again.
Oil prices in New York, once slightly above $70, turned lower when news broke that there would be an Israeli ceasefire announcement.
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