Oil prices fall, Brent closes below $67

Oil drilling rigs

Oil prices fell at the end of trading today, June 10, following a volatile session as investors followed trade talks between the US and China.

Brent crude futures for August delivery fell 0.25%, or 17 cents, to settle at $66.87 a barrel, after rising 0.30% earlier in the session.

WTI crude futures for July delivery fell 0.47%, or 31 cents, to $64.98 a barrel.

This came despite US Commerce Secretary Howard Lutnick's statements today that trade talks with China, held in London, are going well.

Separately, the US Energy Information Administration, in a report published today, forecasts a decline in US oil production to about 13.3 million barrels per day in 2026, after reaching a record high of 13.5 million barrels per day in the second quarter of this year.

The administration said it expects the average price of Brent crude to fall to $61 per barrel by the end of this year, from $64 in May, before declining to $59 per barrel in 2026.

Regarding market concerns about the future of global oil demand, OPEC Secretary-General Haitham Al-Ghais said that demand will remain strong over the next 25 years, and there are no signs of a peak in the near term.