Oil prices eased on Thursday on expectations of a Middle East ceasefire and demand concerns from China, while a positive outlook for US demand, supported by inventory data from the Energy Information Administration (EIA) capped declines further price.

International benchmark Brent crude was trading at $81,04 a barrel at 10:19 a.m. local time (0719 GMT), down 0,8% from the session's closing price of $81,71 a barrel. previous trade.

US benchmark West Texas Intermediate (WTI) traded at $76,97 a barrel at the same time, down 0,8% from the previous session which closed at $77,59 a barrel.

Both benchmarks fell on Thursday on expectations of a ceasefire in the Middle East, home to the vast majority of global oil reserves.

According to Israeli media reports on Sunday, an Israeli negotiating team is said to be leaving for Qatar on Thursday to continue talks on a ceasefire deal in Gaza and a prisoner swap with Palestinian factions.

A statement from Israeli Prime Minister Benjamin Netanyahu said he held "in-depth discussions" on Sunday on efforts to reach a prisoner swap deal with Hamas.

Meanwhile, oil prices continued to be weighed down by slower-than-expected economic growth data in China, the world's largest crude oil importer, which raised concerns about the country's oil demand.

China's gross domestic product (GDP) rose 4.7% in the second quarter of 2024, below market expectations, according to official data, which followed figures showing a softening in oil imports.

Uncertainty over the country's oil demand is fueling market players' fears that imports and refining activity may also remain low.

However, data showing a decline in crude oil inventories in the US, the world's biggest oil consumer, limited the downward movement in prices suggesting that demand for oil was increasing.