Oil closes lower but posts gains for second straight month

Oil drilling rigs

Oil prices declined today, June 30, as geopolitical concerns in the Middle East eased and expectations grew that the OPEC+ would likely increase production in August.

Brent crude futures for August delivery, which expire today, fell 0.2%, or 16 cents, to close at $67.61 a barrel, marking a 5.8% monthly gain and an 8.15% quarterly loss.

Brent crude futures for September delivery, the most active, closed at $66.74 per barrel.

WTI crude futures for August delivery fell 0.6%, or 41 cents, to $65.11 a barrel, recording a monthly gain of 6.9% and a quarterly loss of 6.33%.

The ceasefire agreement reached in the Middle East appears to be holding, which has led to a rapid decline in geopolitical risk premiums, John Kilduff, Partner at Again Capital, told Reuters.

Data from the US Energy Information Administration showed that US crude oil production reached a new record high in April at 13.47 million barrels per day, up from 13.45 million barrels in March, which increased pressure on prices, Kilduff said.