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July 8 Reuters Oil prices slid on Monday after rising for four weeks, as the prospect of a ceasefire deal in Gaza eased tensions in the Middle East, while investors assessed potential disruption to U.S. energy supplies from Hurricane Beryl.

Brent crude futures were down 49 cents, or 0.57, at 86.05 a barrel, as at 0843 GMT. U.S. West Texas Intermediate WTI crude was at 82.53 a barrel, down 63 cents, or 0.76.

Talks over a U.S. ceasefire plan aimed at ending the ninemonthold war in Gaza are under way and being mediated by Qatar and Egypt.

If anything concrete comes from the ceasefire talks, it will take some of geopolitical bid out of the market for now, said IG analyst Tony Sycamore based in Sydney.

The ports of Corpus Christi, Houston, Galveston, Freeport and Texas City closed on Sunday to prepare for Hurricane Beryl, which is expected to make a landfall in the middle of the Texas coast between Galveston and Corpus Christi later on Monday.

Weekly settlement prices suggest that investors liked what they saw in spite of the preweekend profittaking in oil, which continues this morning on the prospect of the resumption of ceasefire talks between Israel and Hamas and the closure of Texan ports, said PVM analyst Tamas Varga.

Port closures could bring a temporary halt to crude and liquefied natural gas…