Oil prices were lower today on hopes of de-escalation of the middle east conflict. Hamas’ armed wing released two US hostages from Gaza. “The report took some of the risk premium out of the market,” said Phil Flynn, analyst at Price Futures Group. “The market went from starting the day with little hope and went to possible signs that there may be some way out of this crisis.” Also supporting prices was forecast of a tightening market as Saudi Arabia and Russia agreed to extend production cuts through year end. Large inventories draws specifically in the US also indicate an undersupplied market. WTI traded down $0.62 or -0.7% to close at $88.75. Brent traded $0.22 or -0.2% to close at $92.16.