Oil prices fell in volatile trading on Monday as the Greek debt crisis raised concerns about demand for petroleum in Europe and as the U.N. started talks to try to bring peace to Yemen, where OPEC heavyweight Saudi Arabia is involved in a civil war.
Expiring front-month July Brent fell US$1.26 to settle and go off the board at US$62.61 a barrel. August Brent fell 69 cents to settle at US$63.95.
The weak July Brent expiration also signalled "a much over-supplied North Sea trade that is seeing the impact of near record OPEC production both directly and indirectly," Jim Ritterbusch, analyst at Ritterbusch & Associates in Galena, Illinois, said in a research note.
US July crude fell 44 cents to settle at US$59.52, after trading from US$58.73 to US$59.98.
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Expiring front-month July Brent fell US$1.26 to settle and go off the board at US$62.61 a barrel. August Brent fell 69 cents to settle at US$63.95.
The weak July Brent expiration also signalled "a much over-supplied North Sea trade that is seeing the impact of near record OPEC production both directly and indirectly," Jim Ritterbusch, analyst at Ritterbusch & Associates in Galena, Illinois, said in a research note.
US July crude fell 44 cents to settle at US$59.52, after trading from US$58.73 to US$59.98.
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