Oil prices have experienced their first monthly loss since April, primarily due to concerns over a supply glut and geopolitical tensions, particularly related to the ongoing war in Ukraine. West Texas Intermediate crude settled near $64 a barrel, dropping 7.6% this month amid fears of a decline in global demand. Meanwhile, the U.S. has imposed a hefty levy on Indian imports for purchasing Russian crude, escalating tensions further. As OPEC+ works to restore production capacity, analysts suggest that increasing supply amidst weak U.S. economic sentiment may keep the market well-supplied, leading to further price volatility.