Oil Prices Decline Ahead Of OPEC Meeting

Oil prices ended lower on Tuesday as investors were awaiting the upcoming the Organization of the Petroleum Exporting Countries (OPEC) meeting.

The West Texas Intermediate for July delivery fell USD 0.78 to settle at USD 65.07 a barrel on the New York Mercantile Exchange, while Brent crude for August delivery was down USD 0.26 to close at USD 75.08 a barrel on the London ICE Futures Exchange, reported Xinhua.

OPEC and its allied oil producers including Russia will meet on June 22 in Vienna. 

It is expected that the major exporters would discuss whether to withdraw from the current output-cut deal.

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Suhani Verma

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