Oil prices fell in early Asian trading, extending losses of more than 4 percent due to higher U.S. tariffs on its trade partners, increased OPEC production, and expectations that the United States and Russia are close to reaching a ceasefire agreement in Ukraine.
Brent crude futures fell by 52 cents, or 0.78 percent, to $66.07 per barrel, while U.S. West Texas Intermediate crude futures fell by 58 cents to $63.30. Expectations of lifting sanctions that have limited Russian oil supplies to global markets increased after U.S. President Donald Trump announced that he would meet Russian President Vladimir Putin on August 15 in Alaska to negotiate an end to the war in Ukraine.
Source (Al Arabiya.Net Website, Edited)
