Oil fell more than 1% on Wednesday, losing ground for a third straight session, sapped by the prospect of a ceasefire agreement in the Middle East and persistent U.S. inflation dampening the expected pace of interest rate cuts.
Brent crude futures for July were down $1.19, or 1.4%, to $85.14 a barrel at 1255 GMT, having hit $84.78, their lowest since March 15.
