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The Economic Times

Oil falls to pre-war levels on rising Middle East supply

Oil OPEC Iran Chris Wright Giovanni Staunovo Iraq United States RBI Russia Strait

Bengaluru: Oil prices fell on Thursday to levels last seen before the start of the Iran war as expectations of rising supply from the Middle East outweighed demand concerns.

Prompt-month Brent crude futures for August delivery were down 51 cents, or 0.7%, to $73.23 a barrel by 1201 GMT, while U.S. West Texas Intermediate lost 53 cents, or 0.8%, to $69.81 a barrel.

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