Oil drops as investors look past Biden exit, focus on weak fundamentals

NEW YORK: Oil prices fell for a second consecutive session on Monday to their lowest level in over a month, as investors looked past U.S. President Joe Biden's decision to end his reelection bid and focused on rising stockpiles and signs of weak demand.

Brent crude futures fell 23 cents, or 0.3%, to settle at $82.40 per barrel, the lowest since June 11. U.S. West Texas Intermediate crude futures for August delivery expired on Monday after falling 35 cents to $79.78 a barrel, also a one-month low.