Oil prices flat with storm Beryl impact, Gaza peace talks in focus

investing.com:

Investing.com-- Oil prices steadied in Asian trade on Tuesday as markets watched for the potential impact of tropical storm Beryl on U.S. oil production, while ongoing ceasefire talks between Israel and Hamas remained in focus.

Prices were nursing steep losses from Monday, as a mix of profit-taking and increased speculation over a Gaza ceasefire sparked flows out of oil.

Brent oil futures expiring in September hovered around $85.72 a barrel, while West Texas Intermediate crude futures steadied at $81.49 a barrel by 20:40 ET (00:40 GMT). 

Tropical storm Beryl made landfall in Texas on Monday, knocking out power across a large swathe of the state while also causing disruptions in the state’s oil industry. 

While the storm had strengthened to a category 1 hurricane as it made landfall, it weakened to a tropical storm shortly after, and is expected to weaken further as it makes its way up the coast. 

But a slew of oil producers, exporters and refiners were seen suspending operations along the Gulf of Mexico, which could present some near-term disruptions in U.S. oil supply.

Key export terminals in Texas were expected to be impacted by the storm, although it was not immediately clear just what the overall impact would be. 

Analysts had initially expected Beryl to have a limited impact on U.S. oil production. 

Crude prices fell sharply on Monday as a slew of media reports marked some progress in ceasefire talks between Israel and Hamas. 

Hamas was seen making several major concessions last week to meet a ceasefire with Israel. But Israel kept up its assault on Gaza, carrying out new strikes on Monday.

Hamas leaders said that continued aggression by Israel could jeopardize ceasefire negotiations.

The U.S. was also seen pressing