Oil prices were lower today for a second day as ceasefire talks in the middle east continue. On Monday, Brent posted its first decline in five sessions and WTI its first in seven as a fresh round of Israel-Hamas ceasefire discussions in Cairo raised hopes of a breakthrough. “Without an end to the conflict, there is an elevated risk that other countries, particularly Iran, OPEC’s third-largest producer, could be drawn into the war,” said Fiona Cincotta, senior financial market analyst at City Index. U.S. crude oil output was expected to rise by 280,000 bpd to 13.21 million bpd in 2024, versus a prior forecast for a 260,000 bpd increase, the U.S. Energy Information Administration (EIA) said. EIA said it expects Brent crude prices to average $88.55 a barrel in 2024, versus a previous forecast of $87 a barrel. WTI traded down $1.20 or -1.4% to close at $85.23. Brent traded down $.96 or -1.1% to close at $89.42.