Oil prices declined for a fifth consecutive session on Tuesday, as a preliminary agreement reached between Iraq and Kurdish regional governments to restart an oil pipeline added to oversupply concerns.<\/p>\n\n\n\n
Brent crude futures fell 34 cents, or 0.51%, to $66.23 a barrel by 0639 GMT, while US West Texas Intermediate crude was down 29 cents, or 0.47%, at $61.99 a barrel.<\/p>\n\n\n\n
Over the last five sessions, Brent and WTI declined by 3% and 4% respectively.<\/p>\n\n\n\n
“The prevailing theme still concerns oversupply, while demand outlook is still uncertain as we approach year-end period. The restart of KRG pipeline has also been putting pressure on prices,” said LSEG senior analyst Anh Pham.<\/p>\n\n\n\n
Iraq’s federal and Kurdish regional governments reached a deal with oil firms to resume crude exports via T\u00fcrkiye on Monday, two oil officials told Reuters.<\/p>\n\n\n\n
The breakthrough will allow exports of about 230,000 barrels per day (bpd) to resume from Iraqi Kurdistan that have been suspended since March 2023.<\/p>\n\n\n\n
Overall, the global oil market is bracing for elevated supply and slowing demand hampered by the fast development of electric vehicles and economic woes fuelled by US tariffs.<\/p>\n\n\n\n
In its latest monthly report, the International Energy Agency said world oil supply would rise more rapidly this year and a surplus could expand in 2026 as OPEC+ members increase output and supply from outside the group grows.<\/p>\n\n\n\n
Still, risks overhang the market as traders monitor the European Union’s consideration of stricter sanctions on Russian oil exports, as well as any escalation of geopolitical tensions in the Middle East.<\/p>\n\n\n\n
US crude oil stockpiles were expected to have risen last week, while gasoline and distillate inventories likely fell, a preliminary Reuters poll on Monday showed.<\/p>\n\n\n\n
Iraq, the Organisation of the Petroleum Exporting Countries’ second-largest producer, has increased oil exports under an OPEC+ agreement, state oil marketer SOMO said.<\/p>\n","protected":false},"excerpt":{"rendered":"
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