Oil Falls as Traders Wind Back Risk Premium Before OPEC+ Meeting
Oil fell after its biggest weekly loss in more than two years as hedge funds piled into bearish bets following a fragile truce between Iran and Israel, and before an OPEC+ meeting that may see another super-sized production increase.
Brent for September fell as much as 0.8% to near $66 a barrel after sliding 12% last week, while West Texas Intermediate traded near $65. Iran said it remains skeptical that the US-brokered ceasefire with Israel would last, although President Donald Trump suggested he might back eventual sanctions relief for the Islamic Republic.
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