Baghdad: Oil prices fell on Thursday as investors awaited trade talks between the United States and China, hoping they would yield signs of easing tensions that have been casting a shadow over global economic growth prospects. Brent crude futures fell 3 cents, or 0.05%, to $64.89 a barrel by 00:32 GMT, while U.S. West Texas Intermediate (WTI) crude futures dropped 11 cents, or 0.18%, to $60.37 a barrel.

According to National Iraqi News Agency, Brent and WTI had risen 52 cents and 33 cents respectively in the previous session, supported by optimism surrounding the trade talks and a larger-than-expected drop in U.S. crude and fuel inventories. The U.S. Energy Information Administration (EIA) announced that crude oil inventories fell by 6.86 million barrels to 416 million barrels during the week ending October 24.