Baghdad: Oil prices fell on Tuesday, as markets awaited the possibility of the OPEC+ alliance announcing a new increase in crude oil production during its upcoming meeting this week. Brent crude futures fell 12 cents, or 0.19%, to $64.62 a barrel, while US West Texas Intermediate crude fell 15 cents, or 0.24%, to $61.38 a barrel.

According to National Iraqi News Agency, OPEC+ agreed this month to accelerate oil production increases for the second consecutive month in June. The decision comes amid ongoing discussions within the alliance about the balance between supply and demand in the global oil market. This anticipated increase in production is seen as a response to various economic factors affecting oil demand worldwide.

Traders and analysts are closely watching the upcoming OPEC+ meeting to gain insights into the group’s production strategy and its potential impact on global oil prices. The market’s reaction reflects the uncertainty surrounding the outcome of these discussions and the possible adjustmen
ts to production levels that may follow.