Oil Prices Dip as Iraq Wavers on Production Cuts Ahead of OPEC Meeting

Mixed signals from Iraq and a strong U.S. dollar contribute to the recent decline in oil prices, with key OPEC decisions pending.

Iraq's inconsistent stance on oil production cuts leads to market uncertainty, influencing global oil prices.
Brent and West Texas Intermediate prices continue to fall, reflecting broader concerns about weak global demand and economic indicators.
Upcoming OPEC meeting in June to address production quotas amid varying compliance levels among member states.
Analysts anticipate potential extended supply curbs by OPEC+ in response to geopolitical tensions and market dynamics.
Strong U.S. dollar and high interest rates pose additional challenges to oil market stability, making crude more expensive for foreign buyers.