Crude oil holds near $70 after 20% monthly plunge

Crude oil futures traded little changed near $70 per barrel on Wednesday, stabilizing after tumbling more than 20% over the month as investors closely monitored ongoing U.S.-Iran peace talks in Doha for signs of a lasting de-escalation in the Middle East. Brent crude shed nearly $30 per barrel during the second quarter, marking its steepest quarterly decline since the 2008 global financial crisis, while WTI posted its biggest quarterly loss since the 2020 pandemic-driven demand collapse. The sharp retreat reflected easing geopolitical risk premiums following progress toward ending the regional conflict. Meanwhile, MCX July crude oil futures edged 0.2% higher to Rs 6,629 per barrel.  

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