05:40 AM EDT, 04/29/2024 (MT Newswires) -- Crude oil prices pared gains from last week as peace talks between Israel and Hamas stepped up and U.S. inflation data lowered prospects of interest rate cuts.

Brent crude fell 0.8% to US$88.77 per barrel and West Texas Intermediate crude lost 0.6% to US$83.34/b at last look early Monday. Efforts to mediate a ceasefire between Israel and Hamas moderated geopolitical tensions, Reuters quoted IG market analyst Tony Sycamore as saying in a Monday report.

Meanwhile, the latest U.S. economic data showed that inflation rose in March, resulting in investors paring back expectations for the timing of US Federal Reserve rate cuts, ANZ Bank said in a Monday note.

However, emerging supply disruptions from concerns about Russia and Ukraine targeting each other's energy infrastructure may provide support to prices, the bank noted.