Core Insights - Oil prices fell around 1% due to a trade deal framework between U.S. and Chinese officials, alleviating fears of tariffs impacting global economic growth [1][2] - Brent crude futures decreased by 63 cents to $65.31 per barrel, while U.S. West Texas Intermediate crude futures fell by 62 cents to $60.88 [1] - The trade deal discussions have positively influenced global stocks, while safe-haven assets like gold and bonds saw a decline [2] Demand Concerns - There are ongoing concerns regarding lackluster demand in the oil market, with Brent crude reaching its lowest price since May earlier this month [3] - Despite these concerns, renewed U.S. sanctions on Russia and stronger-than-expected U.S. demand have provided some support for oil prices [3] - Analysts express skepticism about the immediate impact of trade negotiations on oil demand, indicating that a positive negotiating atmosphere does not guarantee increased demand [2] OPEC Dynamics - Iraq, the largest overproducer in OPEC, is negotiating its production quota within its capacity of 5.5 million barrels per day [4] - OPEC and its allies have reversed previous production cuts this year to regain market share, which has contributed to stabilizing oil prices [4] - A recent fire at Iraq's Zubair oilfield did not affect the country's oil exports, according to the oil minister [4] Recent Price Movements - Last week, Brent and WTI crude prices rose by 8.9% and 7.7%, respectively, due to U.S. and EU sanctions on Russia [5] - Continued challenges for Russian oil to enter the market are anticipated, depending on the enforcement of sanctions [5]