Baghdad: Oil prices rose slightly on Tuesday amid increased supplies and caution over whether the cessation of the US-China trade war will lead to a long-term agreement. Brent crude futures rose 65 cents, or 1 percent, to $65.61 a barrel, and US West Texas Intermediate crude rose 72 cents, or about 1.2 percent, to $62.67.

According to National Iraqi News Agency, both benchmarks rose by about 4 percent or more in the previous session after the US and China agreed to steep tariff cuts for at least 90 days. This agreement also had a positive impact on Wall Street stocks and the dollar.

Despite the recent increases, global crude oil prices have experienced a decline of 22 percent since their peak on January 15. However, refined product prices and refining margins have remained stable during this period.