Oil edged down after its biggest weekly loss in two years as traders speculated on the volume of an expected OPEC+ supply hike and fears of Middle East tensions disrupting global oil flows dissipated.

Oil prices fell on Monday as an easing of geopolitical risks in the Middle East and the prospect of another OPEC+ output hike in August improved supply expectations amid persistent uncertainty over the outlook for global demand.

Crude oil edged lower after posting their steepest weekly loss in more than two years, as fears over Middle East supply disruptions faded and expectations built for a large OPEC+ output hike