Baghdad: Oil prices slipped nearly 1% on Monday after Iraq's Kurdistan region resumed crude oil exports, in conjunction with OPEC+'s plans for another oil output hike in November. This development has triggered a decrease in Brent crude futures, which fell by 63 cents, or 0.90%, to $69.50 a barrel. This comes after Brent crude settled at its highest point since July 31 last Friday. Similarly, US West Texas Intermediate (WTI) crude saw a reduction, trading at $65.07 a barrel, down 65 cents, or 0.99%, effectively reversing most of Friday's gains.
According to Qatar News Agency, both Brent and WTI experienced over 4% increases last week, marking their most significant weekly gains since June. This latest drop in prices reflects the market's response to the resumption of oil exports from Iraq's Kurdistan region and the anticipated increase in production by OPEC+ in the coming month, which could potentially alter the current supply dynamics.