Oil Prices fall following easing of Middle East tensions

New York, SANA–Oil prices fell Monday as geopolitical risks in the Middle East subsided and expectations grew for a potential increase in output by the OPEC+ alliance in August, raising the likelihood of higher market supply.

Reuters reported that Brent crude futures for August delivery dropped by 13 cents, or 0.19%, to $67.64 per barrel. Meanwhile, U.S. West Texas Intermediate crude declined by 0.49% to reach $65.20 per barrel.

Both benchmark crude grades are expected to close June with gains for the second consecutive month.

Rana /Manar Salameh