Ammon News - Oil prices fell on Monday as an easing of geopolitical risks in the Middle East and the prospect of another OPEC+ output hike in August improved supply expectations amid persistent uncertainty over the outlook for global demand.

Brent crude futures fell 13 cents, or 0.19%, to $67.64 a barrel by 0344 GMT, ahead of the August contract's expiry later on Monday. The more active September contract was at $66.62, down 18 cents.

U.S. West Texas Intermediate crude dropped 32 cents, or 0.49%, to $65.2 a barrel.

Last week, both benchmarks posted their biggest weekly decline since March 2023, but they are set to finish higher in June with a second consecutive monthly gain of more than 5%.

A 12-day war that started with Israel targeting Iran's nuclear facilities on June 13 pushed up Brent prices, which surged above $80 a barrel after the U.S. bombed Iran's nuclear facilities and then slumped to $67 after President Donald Trump announced an Iran-Israel ceasefire. Reuters