London: Oil prices rose about 0.7% in early trading today after posting their steepest quarterly losses in years. Brent crude futures gained 50 cents, or 0.69%, to $73.45 a barrel, while West Texas Intermediate crude futures climbed 63 cents, or 0.91%, to $70.13 a barrel.

According to Oman News Agency, Brent crude fell by about $45 a barrel over the second quarter, marking its biggest quarterly decline since the 2008 global financial crisis. US crude futures, meanwhile, fell by about $31 a barrel over the second quarter, recording their biggest quarterly decline since 2020, when the COVID-19 pandemic triggered a collapse in global oil demand.