Oil falls 1% on higher US crude output

Oil prices extended losses and fell one per cent today, on the back of rising US crude production as well as discussions of an Israel-Hamas ceasefire. 

However, Israeli Prime Minister Benjamin Netanyahu has vowed to go ahead with a long-promised assault on the southern Gaza city of Rafah.

Brent crude futures for July contracts fell one per cent, to $86.21. 

The US West Texas Intermediate crude futures were last down one per cent, at $81.82 per barrel.