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Oil fell to settle near $85 a barrel, dropping from a five-month high alongside lower equities, as traders assessed diplomatic efforts in the Middle East.

Oil fell for the first time this week after US government data showed a build in crude inventories.

Oil fell in a low-volume session, unable to withstand a rising US dollar while investors waited for upcoming supply constraints to hit the market.

Oil lost more of the ground it had gained early this week as US crude and gasoline inventories increased, undercutting expectations for tightening supplies.

Crude futures fell as signs of a thaw in US relations with sanctioned oil producers Iran and Venezuela undercut expectations of tightening global supplies.

Oil dropped after the US reported crude inventories rose 12 million barrels last week, the most since November.

Oil declined as US crude inventories rose while China struggles to contain rising Covid cases.

Even with big events happening in the Middle East, oil trading has been relatively lackluster as volatility seeps out of the market.

Oil retreated as another weak sale of Treasuries raised concerns about rising yields, stoking a risk-off mood across financial markets.

Oil fell after an early-week surge on signs the Israel-Hamas war's effect on flows will remain limited.