US oil contract WTI drops below $60 after Gaza ceasefire

The US benchmark oil contract, WTI, traded under $60 per barrel on Friday after a ceasefire in Gaza came into effect and as the market is weighed by greater supply.

West Texas Intermediate slid 2.8 percent to $59.78 per barrel, while Brent crude, the international benchmark, tumbled 2.7 percent to $63.47. 

Reporting by AFP