Oil rises, posts longest ever run of quarterly losses

Oil drilling rigs

Oil prices settled higher on June 30, but posted their longest ever run of quarterly losses amid continued concerns for demand prospects and economic growth.

Brent crude contracts for September rose 0.75% to $74.90 a barrel.

Brent crude posted a monthly loss of 0.70% and a quarterly drop of nearly 4.60%, the fourth quarterly and longest loss in data going back to 1988.

US West Texas Intermediate crude for August delivery added 1.1% to $70.64 a barrel. It recorded monthly and quarterly losses of 1.80% and 6.30%, respectively. This marks its second consecutive loss.

The dollar index declined 0.45% to 102.89 points at 09:56 pm Makkah Time.