The US Energy Department's announcement of a bid to purchase 3.3 million barrels to refill the strategic petroleum reserve initially lifted oil prices in the session, but they eventually ended lower.
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WTI crude futures remained steady around the $78.6 per barrel mark on Tuesday, hardly budging from the near-two-month low of $78.1 registered on May 3rd.
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WTI crude oil futures climbed above $78.5 per barrel on Monday, marking a slight increase from the recent low of $78.1 seen in the previous session.
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On Wednesday, WTI crude futures fell below $81 per barrel, marking the third consecutive decline.
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Crude oil prices are currently facing downward pressure due to potential advancements toward a ceasefire between Israel and Hamas, which has reduced geopolitical risk perceptions in the market.
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Oil prices declined on Monday morning despite a tight supply, as investors adopted a cautious stance ahead of the Federal Reserve's policy meeting scheduled for this week, where interest rates are expected to remain unchanged.
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Crude oil prices saw a slight increase early Friday, positioning themselves to break a two-week losing streak, fueled by renewed optimism about the US economic outlook.
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The US Energy Information Administration (EIA) stated that US crude oil inventories decreased by 6.4 million barrels to 453.6 million barrels for the week ending April 19.
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Concerns over a potential escalation of geopolitical tensions in the Middle East have diminished after Iran indicated it would not retaliate against a limited-scale missile strike by Israel.
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