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Oil prices fell on Thursday amid expectations for a ceasefire between Ukraine and Russia. Accordingly, Brent crude futures decreased by 21 cents, or 0.3 percent, settling at $62.92 a barrel. Meanwhile, West Texas Intermediate futures dropped 21 cents, or 0.4 percent, to $58.44 a barrel.
The market was influenced by a larger-than-expected rise in U.S. crude inventories, as the Energy Information Administration reported on Wednesday that U.S. crude stocks increased by 2.8 million barrels to 426.9 million barrels last week, with imports reaching their highest level in 11 weeks.
