Oil prices are declining as the market follows the results of the US-China talks.

Global oil markets witnessed a slight decrease in prices during trading on Wednesday, June 11, as investors assessed the implications of the recent trade talks between Washington and Beijing, along with other factors affecting market sentiment.

Brent crude recorded a 0.16% decrease to settle at $66.76 per barrel, while West Texas Intermediate crude fell by 0.08% to $64.92 per barrel.

This decline followed the announcement by US Commerce Secretary Wilbur Ross of a framework agreement between the two countries to halt the mutual trade war, including resolving disputes over China's exports of rare earth metals and magnets. Ross clarified that the final agreement would be subject to President Trump's approval before official implementation.

In a related context, data from China showed a decline in its oil imports, impacting price movements. The continuous increase in production by the "OPEC+" alliance has raised concerns about oversupply, especially with plans to increase production by 411,000 barrels per day starting from next July.

The "OPEC+" alliance, comprising the Organization of the Petroleum Exporting Countries (OPEC) and its partners led by Russia, continues its supply increase policy, putting additional pressure on prices amid global demand slowdown.