Baghdad: Oil prices fell in early Asian trading on Monday: continuing losses of more than 4% last week, due to increased US tariffs on its trading partners, increased OPEC production, and expectations that the United States and Russia are close to a ceasefire agreement in Ukraine.

According to National Iraqi News Agency, Brent crude futures decreased by 52 cents, or 0.78%, to $66.07 a barrel by 0041 GMT, while US West Texas Intermediate (WTI) crude futures dropped by 58 cents, or 0.78%, to $63.30. This downturn in oil prices is attributed to a combination of geopolitical developments and market dynamics.

Under the gloomy economic outlook, Brent crude suffered a decline of 4.4% during the week ending Friday, while WTI crude experienced a drop of 5.1%. The market continues to respond to the increased US tariffs and OPEC’s higher production levels, alongside the potential ceasefire in Ukraine, which could influence global oil demand and supply dynamics.