Baghdad: Oil prices declined slightly in early trading on Tuesday, extending losses of 2% from the previous session, as markets awaited an imminent decision on US interest rates. Brent crude futures fell 8 cents, or 0.1%, to $62.41 a barrel. US West Texas Intermediate crude futures were at $58.75 a barrel, down 13 cents, or 0.2%. Both benchmark crudes fell by about 2% on Monday after Iraq resumed production from one of its oil fields, one of the world's largest, which accounts for 0.5% of global supply. According to National Iraqi News Agency, markets are awaiting the Federal Reserve's monetary policy decision, due on Wednesday, with expectations of a quarter-point interest rate cut.