Baghdad: Oil prices fell on Thursday amid expectations of a ceasefire between Ukraine and Russia, which could pave the way for the lifting of Western sanctions on Russian supplies. However, trading remained thin due to the Thanksgiving Holiday in the United States. By 01:08 GMT, Brent crude futures had fallen 21 cents, or 0.3%, to $62.92 a barrel, while U.S. West Texas Intermediate crude futures lost 21 cents, or 0.4%, to $58.44 a barrel. According to National Iraqi News Agency, both benchmarks rose by about 1% at Wednesday's settlement as investors assessed the risks of increased supply and the prospects for a peace agreement between Russia and Ukraine.