Oil dips as OPEC output plans offset US-China trade optimism

Core Insights - Oil prices have declined, continuing a downward trend from the previous two sessions [1] - The decline in oil prices is attributed to OPEC's plans to increase output, which has overshadowed positive sentiment regarding a potential U.S.-China trade deal [1] Group 1 - Oil prices slipped on Tuesday, extending falls from the two previous sessions [1] - Pressure from OPEC's plans to boost output is a significant factor in the decline of oil prices [1] - Optimism over a potential U.S.-China trade deal is not sufficient to counterbalance the impact of OPEC's output increase [1]