Oil slipped as Middle East tensions eased, market eyed OPEC+ output decision
The downward movement came despite both benchmarks booking monthly gains for the second consecutive month—around 6% for Brent and 7% for WTI.
Global crude oil prices edged lower on Monday, 30 June 2025, as easing geopolitical tensions in the Middle East tempered investor concerns ahead of a critical OPEC+ meeting that may pave the way for another sizable production increase in August.
Brent crude futures slipped 16 cents, or 0.2%, to settle at $67.61 a barrel.
WTI crude dropped 41 cents, or 0.6%, to finish at $65.11 a barrel.
The downward movement came despite both benchmarks booking monthly gains for the second consecutive month—around 6% for Brent and 7% for WTI. However, they still marked their sharpest weekly losses since March 2023 last week.
Market participants are now turning their attention to the upcoming OPEC+ meeting on Sunday, where the alliance is reportedly considering a 411,000 barrel-per-day production hike for August. If approved, it would mark the fourth straight month of such a robust increase—triple the pace initially set out in the group’s gradual unwinding of cuts.
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