International oil prices turned lower on Tuesday.
The slight decline came as the U.S. and China entered their second day of trade negotiations in London, with investors anxiously waiting to see if the two countries could bridge their differences and reach a trade agreement.
This marks the first drop in oil prices after three consecutive days of gains since June 5.
Profit-taking following the recent upward trend likely contributed to the downward pressure on oil prices.
West Texas Intermediate (WTI), the U.S. crude oil benchmark, saw its July futures contract surge by 1.5% intraday, briefly surpassing 66 USD per barrel. However, as no results from the U.S.-China trade talks were announced, investors adopted a more cautious stance.
WTI ultimately settled at 64.98 USD per barrel, down 0.31 USD (0.47%) from the previous session.
Brent crude, the international oil benchmark, saw its August contract close at 66.87 USD per barrel, a decrease of 0.17 USD (0.25%).
