Oil dropped below $66 a barrel today, while traders evaluate discussions of compromise in regards to output increase conducted between OPEC’s member, as well as growing tensions in trade relationships between the US and China, Bloomberg reports.

Futures in New York dropped as much as 1% after 1,2% gain on Monday. OPEC is planning insignificant increase in output and hopes that this decision will satisfy Russia that wanted to raise production significantly and Iran that was against any output increase. Discussed level is from 300000 to 600000 barrels a day now. It seems that clarity on this issue will be given only after OPEC’s meeting that will take place at the end of this week.

Threat on behalf of the US to impose additional tariffs to Chinese goods make situation on oil market even worse, since it can restrict demand growth.

Oil in London lost 3% this month among latest events.

WTI oil price dropped to $65,18 a barrel, Brent oil declined to $74,61 a barrel. Futures in Shanghai lost 1,7% today and cost 459,1 yuan.