Oil prices extended their decline for a third straight session. West Texas Intermediate crude notably fell by 1.5%, settling near $66 a barrel. This drop occurred as risk-on sentiment in the market faded.
Contributing to the volatility, oil traders were observed rolling over their positions in anticipation of the August contract's expiration, which was set for Tuesday.
Investors were also closely monitoring ongoing discussions between European Union and US negotiators. These talks are critical as the two parties aim to secure a trade deal by August 1st. The deadline has been heightened by President Donald Trump's threat to impose 30% tariffs on most of the bloc’s exports if an agreement is not reached.
