Oil dips as Iraq exports rise amid demand concerns

Written by Arate Somasekhar

Houston (Reuters) -Oil prices stabilized on Monday, as fears of excessive offer exceeded geopolitical tensions in Russia and the Middle East.

Brent oil futures settled 11 cents, or 0.2 %, less at $ 66.57 a barrel. The global standard has been trading between $ 65.50 and $ 69 since early August.

The crude contract in West Texas Intermediate (WTI) closed for the month of October, which ended on Monday, at $ 62.64 a barrel, a decrease of 4 cents, or 0.1 %. The second month contract, which is circulating, fell more active more than 12 cents, or 0.2 %, at $ 62.28.

“Traders have returned to focusing on a global oil market that may be offered soon, unless the United States and the European Union could agree on the harsh customs tariffs on countries that buy Russian crude,” said Dennis Kisler, First Vice president of Trade in Bok Financial.

The state’s oil marketer said that Iraq, the Petroleum Regulatory Organization in the export of the second countries, increased oil exports under the OPEC+. September exports are also expected from 3.4 million to 3.45 million barrels per day (BPD).

Oil Minister Tariq Al -Hama in the local Al -Qabas newspaper said that the ability to produce crude oil in Kuwait is 3.2 million barrels per day, which is the highest rating in more than 10 years.

American stocks, which are often moved along with oil, were flooded amid a visa campaign and guess over the following interest rate movements of the Federal Reserve.

Federal Reserve officials cast a doubt about the need for more price cuts at a time when inflation remains 2 % higher than the central bank and the labor market remains near full employment. Low borrowing costs usually enhance the demand for oil.

Tensions in the Middle East have risen to many western countries that realize a Palestinian state, as well as in Eastern Europe after Estonia said that Russian combat aircraft entered into the airspace without Friday permission. However, none of these developments resulted in the disruption of immediate oil supplies.

Brent and WTI settled more than 1 % on Friday to celebrate a slight decrease last week as fears of large supplies and the demand for feelings decreased.

“Preparing for the oil market is that global demand for oil is set from Q3 to Q4 and again to Q1-26. At the same time, production is by Opec+ on a rising track.”

“The big question, of course, if China will store the growing surplus or whether the price of oil will decrease to the fifties. We believe the latter.”

Sources told Reuters that Iraq granted initial approval to a plan to resume pipelines oil exports from the Kurdistan semi -self -self through Türkiye.

(Participated in additional reports from Florence Tan and Mohi Narayan; edited by Bernadet Boom, Joe Pavier, William McLean and Margareta Choi)