By Adedapo Adesanya The oil market depreciated on Tuesday on the back of rising crude inventories and production in the US, the world’s biggest oil consumer, along with increasing hopes of a ceasefire agreement in the Middle East. The price of Brent crude fell by 47 cents or 0.5 per cent during the session to settle at $85.86 per barrel and the US West Texas Intermediate (WTI) crude declined by 53 cents or 0.6 per cent to $81.40 per barrel. According to American Petroleum Institute (API) figures on Tuesday, US crude oil inventories swelled last week by 4.906 million barrels,
Oil Market Dips on Rising US Stockpiles, Ceasefire Hopes
