Oil fell, following its biggest weekly loss in more than two years, as hedge funds piled into bearish bets after a fragile truce between Iran and Israel, and before a likely OPEC+ supply hike.
Brent dropped to near $67 a barrel after sliding 12% last week, while West Texas Intermediate traded around $65. Iran said it remains skeptical that the US-brokered ceasefire with Israel will last, although President Donald Trump suggested he might back eventual sanctions relief for the Islamic Republic “if they can be peaceful.”
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
Key members of the Organization of the Petroleum Exporting Countries and its allies are ready to consider another 411,000 barrel-a-day increase for August when they meet on Sunday, according to several delegates. It would be the fourth month in a row the group agreed on such a bumper hike, triple the initially planned volumes.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
Oil is trading near where it started before Israel first attacked Iran on June 13, with the focus returning to supply and demand fundamentals. Apart from the potential OPEC+ increase, which may worsen a glut forecast for later this year, investors will be focused on trade talks — with just 10 days until Trump's country-specific tariffs are set to resume.
Prices:
Brent for August settlement, which expires Monday, fell 0.8% to $67.22 a barrel at 7:31 a.m. in Singapore.
The more-active September contract declined 0.9% to $66.20.
WTI for August delivery lost 1.1% to $64.83 a barrel.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
