New york: Oil prices closed at their lowest level in more than two months today, following an increase in US crude inventories and an International Energy Agency forecast of declining demand, while investors await the outcome of the upcoming meeting between US President Donald Trump and Russian President Vladimir Putin on Friday to discuss peace in Ukraine.

According to Qatar News Agency, Brent crude futures fell by 49 cents, or 0.7%, to settle at $65.63 per barrel. During the session, the price dropped to $65.01 per barrel, the lowest since Jun. 6. US West Texas Intermediate crude futures also declined by 52 cents, or 0.8%, to $62.65 per barrel, after falling to $61.94 per barrel during the session, the lowest since Jun. 2.

The US Energy Information Administration announced today that crude oil inventories in the United States rose by 3 million barrels, reaching 426.7 million.