Oil prices decreased over growing demand concerns in the US, the world’s largest oil-consuming country, the US Federal Reserve’s (Fed) decision to keep its policy rate unchanged and ceasefire talks in the Middle East, Anadolu reports.

International benchmark Brent crude traded at $82.44 per barrel at 10:43am local time, a fall of 0.37 per cent from the closing price of $82.75 per barrel in the previous trading session.

The American benchmark West Texas Intermediate (WTI) traded at $78.19 per barrel at the same time, a 0.55% drop from the previous session that closed at $78.62 per barrel.

The Fed’s decision to maintain its hawkish stance in the face of slower inflation led to a strong risk perception, which in turn led to lower oil prices.

Additionally, efforts to implement a ceasefire in the Middle East, home to the vast majority of global oil reserves, continue to impact oil prices.