Oil prices fall as Middle East risks recede

Oil drilling rigs

Oil prices fell today, June 30, as geopolitical risks in the Middle East eased. Investors also weighed the prospects of a potential increase in OPEC+ production in August that will boost supply, amid ongoing uncertainty about global demand.

Brent crude was trading down 0.25% at $66.64 a barrel, at 08:11 am Makkah time. West Texas Intermediate (WTI) crude fell 0.45% to $65.24 a barrel.

OPEC+ is preparing to raise production at its next meeting on July 6 by approximately 411,000 barrels per day in August, the fifth consecutive increase since the gradual rollback of supply cuts began in April, Reuters reported, citing sources familiar with the matter.

Last week, both crude benchmarks posted their largest weekly declines since March 2023. They, however, are expected to close higher in June, posting their second consecutive monthly gains of more than 5%.