Oil Falls Amid Higher Supply Flows, Yet Remains on Track for Near-20% Monthly Gain

Oil prices declined on Friday as higher supply flows weighed on the market, but despite the losses, crude markets remain on track to post strong monthly gains of around 20%, according to Reuters.

The decline in crude prices reflects the market's response to signs of increased oil flows through the Strait of Hormuz, which have partly offset the impact of escalating geopolitical tensions in the Middle East, said Daniel Hynes, Senior Commodity Strategist at ANZ.

Markets are awaiting the release of Baker Hughes US oil and gas rig count data later today for further clues on the outlook for US energy supplies.