Crude prices plummet on easing geopolitical risks

Crude prices dropped Thursday, pressured by ample supplies amid signs of easing geopolitical tensions in Ukraine and the Middle East.

Russian President Vladimir Putin said Thursday that his country will spare no effort to end the brewing conflict in southeastern Ukraine as soon as possible.

Meanwhile, the Palestinian and Israeli delegations in Cairo agreed Wednesday night to a further five-day ceasefire in their ongoing conflict in the Hamas-ruled Gaza Strip, Egypt's official MENA news agency reported.

The ample supplies continued to weigh on crude prices. U.S. crude stockpiles added 1.4 million barrels to 367 million barrels for the week ended Aug. 8, according to Energy Information Administration. Stockpiles at Cushing, Oklahoma, the delivery point for U.S. crude, gained 420 thousand barrels to 18.4 million.

Organization of the Petroleum Exporting Countries crude oil supply rose by 300 000 barrels per day to 30.44 million barrels per day (mb/d) in July, said the International Energy Agency Tuesday. The global oil supply increased 230 thousand barrels to 93.0 mb/d in July.

Light, sweet crude for September delivery moved down 2.01 dollars to settle at 95.58 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery lost 2.27 dollars to close at 102.01 dollars a barrel.