Oil extends monthly losses, down 10% so far in August

Crude oil prices fell sharply on Tuesday as geopolitical and supply pressures weighed on markets. WTI October futures slipped 0.96% to $62.05 a barrel, while Brent October futures dropped 0.92% to $66.99. On the Multi Commodity Exchange, September crude futures declined over 1% to ₹5430 from ₹5492. The weakness followed news that US President Trump is pushing for direct talks between Russian President Putin and Ukrainian President Zelenskiy, raising hopes for progress on the Ukraine conflict. Still, prices remain under pressure, with oil already down more than 10% this month as rising OPEC+ output and trade tensions continue to cloud the demand outlook.

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