Oil fell for a third session as talks between the US and its trading partners gain urgency ahead of next week’s deadline.
West Texas Intermediate crude fell 1.5% to settle near $66 a barrel as risk-on sentiment faded, and oil traders rolled over positions ahead of the August contract’s expiration on Tuesday, adding to volatility. Investors also honed in on discussions between European Union and US negotiators as they seek to clinch a trade deal by Aug. 1, when President Donald Trump has threatened to hit most of the bloc’s exports with 30% tariffs.
“The risks to the downside are the longer-term oversupply that we expect in the fourth quarter and the first quarter of 2026, with the tariff deadline on Aug. 1 as another potential catalyst to the downside,” said Joe DeLaura, global energy strategist at Rabobank.
Crude has been drifting sideways since the end of the conflict between Iran and Israel toward the end of last month, dragging gauges of market volatility to the lowest since early April.
While WTI and Brent prices have flatlined, many of the largest moves in the oil market have been in diesel prices, which are soaring because of tight supplies and refinery closures.
Looking ahead, traders will be focused on US economic data on jobless claims and home sales due to be released later this week.
Oil Prices
WTI for August delivery, which expired Tuesday, declined 1.5% to settle at $66.21 a barrel.
The more active September contract slipped 1% to $65.31 a barrel.
Brent for September settlement shed 0.9% to $68.59 a barrel.
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