Baghdad: Oil prices fell 1% in early Asian trading on Monday, as easing geopolitical risks in the Middle East and the possibility of further OPEC+ production increases in August bolstered supply expectations. Brent crude futures for August delivery fell 66 cents, or 0.97%, to $67.11 a barrel, while the more active May futures fell 83 cents to $65.97 a barrel. U.S. West Texas Intermediate (WTI) crude fell 94 cents, or 1.43%, to $64.58 a barrel.

According to National Iraqi News Agency, both benchmarks recorded their largest weekly losses since March 2023 last week, but are expected to end June trading with monthly gains of more than 5% for the second consecutive month.