HOUSTON — Oil prices edged slightly lower on Thursday after Israel and the Palestinian militant group Hamas signed an agreement to cease fire in Gaza.

Brent crude futures were down $1.08, or 1.6%, at $65.18 a barrel at 01:10 p.m. ET (1710 GMT). U.S. West Texas Intermediate crude was down $1.05, or 1.7%, at $61.49.

Israel and the Palestinian militant group Hamas signed an agreement on Thursday to cease fire and free Israeli hostages in exchange for Palestinian prisoners, in the first phase of U.S. President Donald Trump’s initiative to end the war in Gaza.

Under the ceasefire deal, fighting will cease, Israel will partially withdraw from Gaza, and Hamas will free all remaining hostages it captured in the attack that precipitated the war, in exchange for hundreds of prisoners held by Isra

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