After falling by 1.6% during the session Earlier, oil prices fell slightly on Friday. The bonus of Market risk declined after Israel and Hamas accepted the first phase of a plan to end the war in Gaza.

Brent Crude Oil Futures were down 7 cents to $65.15 per barrel at 03:38 GMT.

American crude oil West Texas Intermediate a fell 2 cents to $61.49. Israel and the Palestinian militant group Hamas signed a ceasefire agreement on Thursday, the first phase of the initiative of US President Donald Trump to end the war in Gaza.

On a weekly basis, the two indexes of Benchmarks increased by around 1% after falling sharply last week last.

According to Daniel Hynes, analyst at ANZ, “this agreement brought attention back to the surplus oil tanker imminent, as OPEC is proceeding with the removal of cuts in production”.