Oil prices tick down as hopes of Middle East ceasefire eases supply worries

Oil prices declined with Israel's acceptance of a U.S. proposal to resolve Gaza ceasefire issues, easing supply concerns. Brent crude and U.S. crude both experienced minor declines. Libya’s Sharara oilfield resumed production. U.S. crude stocks dropped, but economic worries in China and U.S. interest rate expectations impacted market sentiment.