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Oil prices edge down on easing ME risks but up for second month
Business World Philippines
|July 02, 2025
Oil prices edged down on Monday as investors weighed easing Middle East (ME) risks and a possible OPEC+ output increase in August.
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Both Brent and US crude oil benchmarks posted their biggest weekly declines since March 2023 last week but rose for the second consecutive month, gaining around 6% and 7% respectively.
Brent futures settled down 16 cents, or 0.2%, to $67.61 a barrel and expired on Monday. The more active September contract ended at $66.74.
US West Texas Intermediate (WTI) crude settled down 41 cents, or 0.6%, at $65.11 a barrel.
A 12-day war that started with Israel targeting Iran’s nuclear facilities on June 13 sent prices above $80 a barrel before sliding back to $67.
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