Doha: Oil prices inched down on Thursday on expectations of a Ukraine-Russia ceasefire which could pave the way for the unwinding of Western sanctions against Russian supply. Brent crude futures shed 21 cents or 0.3 percent to stand at $62.92 a barrel, while US West Texas Intermediate crude futures slipped 21 cents or 0.4 percent to $58.44 a barrel.

According to Qatar News Agency, both contracts had settled about 1 percent higher on Wednesday as investors assessed oversupply risk and the prospect of a Russia-Ukraine peace deal. The anticipation of a ceasefire has introduced a potential shift in the oil market, influencing traders' expectations and impacting pricing trends.

The possibility of a peace agreement between Ukraine and Russia is seen as a pivotal factor that could lead to the easing of sanctions imposed by Western countries, contributing to the global oil supply. This development comes amid ongoing negotiations and international efforts to resolve the conflict, which has had significant implications for the energy sector and global economic stability.