Oil prices are expected to fall by about 20% in June, the market focuses on Doha negotiations

On June 30, crude oil likely ended the month with a decline. Investors are closely watching the possible talks between the United States and Iran in Doha while the ceasefire agreement remains fragile. As of 0653 Beijing time, Brent August crude oil futures, which are about to expire, fell 1%, about US$20 lower than the closing price at the end of last month, a drop of about 22%. The more actively traded September contract fell 0.6%. Tim Waterer, chief market analyst at KCMTrade, said investors were pricing for a positive outcome of the Doha talks, even though navigation in the Strait of Hormuz had not really returned to normal. The market is cautiously optimistic, but is still betting on both sides until it sees a clearer signal that the situation is cooling down.