Baghdad: Oil prices fell on Tuesday, continuing their decline from the previous two sessions, as pressure from OPEC plans to increase production overshadowed optimism about a potential trade agreement between the United States and China: Brent crude futures fell four cents to $65.58 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell nine cents to $61.22.

According to National Iraqi News Agency, the decline in oil prices is attributed to the Organization of the Petroleum Exporting Countries’ (OPEC) plans to boost production. This development has created a market environment that outweighs the positive outlook from the ongoing trade discussions between the United States and China.

The plans by OPEC to increase oil production have been a significant factor in the recent downward trend in oil prices. This decision comes at a time when global economic conditions are still being influenced by the negotiations between two of the world’s largest economies, the United States and China. As the market reacts to OPEC’s actions, investors remain cautious, watching closely for any new developments that could further impact oil prices.