Baghdad: Oil prices fell on Friday, after significant declines in the previous session, amid concerns about a potential decline in US demand and a widespread increase in supplies. Brent crude futures fell 30 cents, or 0.45%, to $66.07 a barrel, while US West Texas Intermediate crude fell 31 cents, or 0.5%, to $62.06. The two benchmark crude contracts fell 1.7% and 2%, respectively, in the previous trading session.

According to National Iraqi News Agency, the oil market is experiencing a notable downturn as supply levels rise. The market's reaction reflects concerns over a possible drop in US demand, which has contributed to the downward pressure on prices. This trend follows a larger pattern of decreasing oil prices that began earlier in the week.