Oil prices fall more than $1 on hopes for progress in peace talks

Oil prices fell on Thursday, November 12, as hopes for progress in peace efforts in the Middle East and Ukraine weighed on the market.

Brent futures fell $1.14, or 1.2%, to $91.62 a barrel by 0141 GMT. U.S. West Texas Intermediate (WTI) crude futures dropped $1.04, or 1.2%, to $85.49 a barrel, Reuters reported.

Prices also came under pressure after U.S. crude inventories rose by 9 million barrels in the latest week, according to data from the American Petroleum Institute. Uncertainty surrounding the Strait of Hormuz limited the decline.