As the intensity of the conflict subsides, oil prices decline

Oil prices fell on Wednesday, as concerns about the conflict in the Middle East eased and commercial activities declined in the world's largest oil consumer, but an unexpected decline in US crude oil inventories limited losses. Brent crude futures fell by 40 cents, or 0.45 percent, to settle at $88.02 per barrel. US crude futures also fell by 55 cents, or 0.66 percent, to reach $82.81 per barrel upon settlement. 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