Oil prices declined for the third consecutive day, influenced by optimism over a potential ceasefire in the Middle East and rising U.S. crude inventories and production levels. The ongoing negotiations, spearheaded by Egypt between Israel and Hamas, have lessened fears of conflict escalation and supply disruptions, contributing to the downward pressure on oil prices.

Additionally, U.S. crude oil production increased significantly, recording the largest monthly rise in over three years, reaching 13.15 million barrels per day in February. This surge in supply, coupled with growing inventories, suggests a potential easing in oil prices.