Baghdad Oil prices fell today, Wednesday, after rising by about four percent the previous day, due to the easing of fears that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, in the OPEC + grouping, will reduce production soon.

Brent crude futures, the global benchmark, fell 40 cents, or 0.4 percent, to $99.82 a barrel, after rising 3.9 percent on Tuesday.

US West Texas Intermediate crude futures also fell 27 cents, or 0.29 percent, at $93.47 a barrel, after jumping 3.7 percent the previous day.

Both contracts rose on Tuesday after Saudi Arabia, the de facto OPEC leader, indicated that OPEC+ could make production cuts to balance the market.

But nine OPEC sources told Reuters on Tuesday that potential OPEC+ production cuts may not be imminent, and are likely to coincide with Iran’s return to the oil markets if it reaches a nuclear deal with the West. A senior US official told Reuters on Monday that Iran had given up some of its main demands on reviving the deal.

Source: National Iraqi News Agency