Crude Oil is trading today in the Asian session below the $83 level.
Crude oil futures declined on Tuesday morning amid reports of Israel presenting a peace proposal to Hamas.
Delegates from both sides reportedly convened in Egypt to discuss Israel's 40-day ceasefire offer to Hamas. The Hamas delegation, having departed Egypt, is expected to return with a written response to Israel's offer.
Progress in this ceasefire could ease tensions in the West Asia region, where recent weeks have seen heightened tensions between Israel and Hamas, contributing to an increase in crude oil prices.