Oil falls from 2-month high after Hurricane Beryl forecast to spare crude production areas; Brent at $86

Crude oil prices gave up most of their earlier gains as the forecast for Hurricane Beryl continued to push it away from large offshore production areas in the US-regulated northern Gulf of Mexico. The storm is reported to be a dangerous category five hurricane moving through the Caribbean Sea.

Brent crude futures were last up 24 cents, or 0.28 percent, at $86.84 a barrel. U.S. West Texas Intermediate, or WTI, was up five cents, or 0.06 percent, at $83.23. Earlier on Monday, WTI rose $1 to $84.38 a barrel on fears that Beryl could have a wider impact in the Gulf of Mexico as US demand for the fuel rises. Both benchmarks gained about two percent in the previous session.