Oil prices decreased on Monday amid a growing desire to achieve a cease-fire in the Middle East, home to a vast majority of global oil reserves, by easing supply concerns.
International benchmark Brent crude decreased 0.4% to $76.64 per barrel at 10.32 a.m. local time (0732 GMT), up from the previous session's close of $76.93.
US benchmark West Texas Intermediate (WTI) fell by 0.6% to $73.12 per barrel, after closing at $73.55 in the prior session.
After hitting $80.20 following the declaration of the eastern-based Libyan Government, headed by Osama Hammad, to suspend oil production in the country on Aug. 26, prices failed to reach this level in the past four sessions and remained below $80.
The reason for this decline was the prospect of a cease-fire in the Middle East, which alleviated supply concerns in the markets by supporting downward price movements.
A nationwide strike swept across Israel on Monday, intensifying pressure on Prime Minister Benjamin Netanyahu to reach an immediate cease-fire and prisoner exchange deal with the Palestinian group Hamas.
The General Organization of Workers, Histadrut, initiated the strike to amplify public outcry for the release of hostages held in Gaza. According to Israel's public broadcaster, KAN, the strike has spread rapidly across the country after massive protests the previous evening.
Nearly 770,000 Israelis took to the streets in cities such as Tel Aviv, demanding immediate government action.
Expectations that these developments will increase the possibility of a cease-fire in the region are effective in the decline of prices by easing supply concerns in the markets.
By Duygu Alhan
Anadolu Agency
energy@aa.com.tr