Brent Oil Prices Down 21% in June, On Track for Major Losses

Brent futures increased by 3 cents to $73.18 a barrel, while U.S. West Texas Intermediate (WTI) crude dropped 30 cents, or 0.4%, to $70.45 a barrel. Brent is down approximately 21% in June and 19% in May, marking its largest monthly losses since March 2020. Analysts at Morgan Stanley forecast a global oil market surplus of 4.8 million barrels per day by 2027. The premium of Brent over WTI decreased to $2.14 a barrel, its lowest since May 2022, potentially affecting U.S. crude exports.