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Oil Prices Decline as Geopolitical Risks in Middle East Recede

Singapore, June 30 (QNA) – Oil prices fell 1% in early Asian trading on Monday, as easing geopolitical risks in the Middle East and the possibility of a further increase in OPEC+ production in August bolstered supply expectations.

Brent crude futures for August delivery fell 66 cents, or 0.97%, to $67.11 a barrel, while the more active September contract fell 83 cents to $65.97 a barrel. US West Texas Intermediate (WTI) crude fell 94 cents, or 1.43%, to $64.58 a barrel.

Both benchmarks recorded their largest weekly losses since March 2023 last week, but are expected to end June trading with monthly gains of more than 5% for the second consecutive month. (QNA)

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