Doha: Oil prices slipped 2 percent on Monday after Iraq resumed output from one of its fields, which accounts for about 0.5 percent of global supply. Brent crude futures fell $1.26, or 1.98 percent, to settle at $62.49 a barrel. US West Texas Intermediate also declined, dropping $1.20, or 2 percent, to $58.88 a barrel. According to Qatar News Agency, the restart of Iraq's oil production from the field has contributed to the decline in prices. The field's output represents a small but significant portion of the global oil supply, impacting international market dynamics. This development is part of broader fluctuations in the oil market, influenced by various factors including geopolitical events, production adjustments by other oil-producing nations, and global demand trends. The resumption of production in Iraq adds to the current supply levels, exerting downward pressure on prices. Market analysts will be closely monitoring further developments in Iraq's oil production and its implications for the global oil market. The situation remains fluid, with potential impacts on energy prices and economic conditions worldwide.
