AFP, Singapore :
Oil prices fell in Asia Monday after OPEC decided to maintain its high output levels, while traders were also weighing the possible return of Iranian supplies that have been curtailed by international sanctions against Tehran, analysts said.
US benchmark West Texas Intermediate for July delivery fell 47 cents to $58.66 while Brent crude for July eased 42 cents to $62.89 in afternoon trade.
Analysts said investors were mulling the long-term impact on prices after the 12-nation Organisation of the Petroleum Exporting Countries (OPEC) on Friday defied calls to cut output to alleviate a global supply glut that has seen prices slump almost 50 percent over the past year.
Oil prices fell in Asia Monday after OPEC decided to maintain its high output levels, while traders were also weighing the possible return of Iranian supplies that have been curtailed by international sanctions against Tehran, analysts said.
US benchmark West Texas Intermediate for July delivery fell 47 cents to $58.66 while Brent crude for July eased 42 cents to $62.89 in afternoon trade.
Analysts said investors were mulling the long-term impact on prices after the 12-nation Organisation of the Petroleum Exporting Countries (OPEC) on Friday defied calls to cut output to alleviate a global supply glut that has seen prices slump almost 50 percent over the past year.
