U.S. and global benchmark crude prices settled mixed after a cease-fire between Israel and Iran-backed Hezbollah eliminated much of the remaining risk premium around a wider Middle Eastern conflict.

Oil prices fell after a U.S. inventory report showed a gasoline stockpile increase, with traders waiting for OPEC+'s decision on production cuts.

Crude production from Iraq, Kazakhstan, and Russia has declined in compliance with OPEC+ production cuts, supporting a modest near term upside to Brent prices, Goldman Sachs said.

Meanwhile, calls by President-elect Donald Trump and proposed cabinet members to significantly boost U.S. crude production pose a potential threat to OPEC+ market share, though sk