0757 GMT - Oil prices edge lower as the geopolitical risk premium fades and expectations rise for another large OPEC+ output hike in August. Brent crude falls 0.2% to $66.67 a barrel, while WTI is down 0.3% to $65.29 a barrel amid growing concerns over an oversupplied market and an uncertain demand outlook. Both benchmarks posted sharp weekly losses last week, driven by easing fears of supply disruptions after Israel and Iran agreed to a cease-fire. "That's provided some breathing room for inflation expectations and allowed investors to refocus on fundamentals rather than geopolitical tail risks," says Saxo's chief investment strategist Charu Chanana." Meanwhile, manufacturing activity in China--the world's largest crude importer--shrank for the third month in June. (giulia.petroni@wsj.com)
(END) Dow Jones Newswires
June 30, 2025 03:57 ET (07:57 GMT)
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