Oil prices end lower, post monthly losses

Oil drilling rigs

Oil prices settled lower on Friday, posting a monthly loss in August amid concerns over weak US demand and international efforts to end the war between Russia and Ukraine.

Brent crude futures for October delivery — which expired today — edged down 0.73% or 50 cents to $68.12 a barrel. Despite a 0.57% weekly gain, the benchmark recorded a 5% monthly loss.

US WTI crude futures for October delivery dropped 0.91% or 59 cents to $64.01 a barrel, trimming weekly gains to 0.55% while deepening their monthly loss to 7.6%.

Investors fear weaker US fuel demand with the end of the summer driving season by Labor Day next Monday, against earlier concerns over slowing global oil consumption due to the trade tariff war.

Meanwhile, the US and European nations are intensifying efforts to push Russia and Ukraine toward ending the war and reaching a peace deal that could ease Western sanctions on Moscow and revive its energy supplies.