Oil prices ease on Gaza ceasefire possibility, dollar strength

Brent crude oil price news: Oil prices sank in early Asian trading on Friday on the possibility of a nearing Gaza ceasefire, which could loosen global supply, at the same time a stronger US dollar and faltering gasoline dampened demand sentiment.

Brent crude futures fell 18 cents to $85.60 a barrel by 0011 GMT. US crude futures shed 19 cents to $80.88 per barrel. On Thursday, US Secretary of State Antony Blinken said he believed talks in Qatar could reach a Gaza ceasefire agreement, increasing the prospect of more global oil supply.

Blinken met Arab foreign ministers and Egypt's President Abdel Fattah El-Sisi in Cairo as negotiators in Qatar centred on a truce of about six weeks. In the United States, the world's top oil consumer, gasoline product supplied, a proxy for demand, slipped below 9 million barrels for the first time in three weeks, indicating a possible slowdown in crude demand.

US gasoline futures remained unchanged at $2.7227 a gallon. Meanwhile, the US dollar, which trades inversely with oil prices, strengthened after the Swiss National Bank's surprise interest rate cut bolstered global risk sentiment, making crude more expensive to global buyers.