Oil prices were lower yesterday after US President George W. Bush brokered a deal with Israel over the weekend that could free Palestinian leader Yasser Arafat from being in effect under house arrest and permit the withdrawal of Israeli troops from Ramallah.
In London, a barrel of Brent North Sea crude for June delivery was quoted at US$26.09, US$0.10 down from Friday's close.
In New York, the June light sweet crude contract also took on a softer tone in out-of-hours electronic trading, after closing Friday up US$0.38 at US$27.11 a barrel.
The US move appeared to be the result of pressure from Saudi Arabia and other Arab states to broker a ceasefire.
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