WASHINGTON (dpa-AFX) - Oil prices fell over 1 percent on Monday amid speculation that OPEC+ will hike production again in November. The restart of a pipeline from Iraq also exacerbated concerns about a worldwide glut.
Benchmark Brent crude futures fell 1.1 percent to $68.43 a barrel in European trading, while WTI crude futures were down 1.2 percent at $64.91.
OPEC will likely raise oil output again in November as the group continues its strategy to reclaim global market share, Reuters reported, citing people familiar with its plans.
The oil cartel is expected to approve another production increase of at least 137,000 barrels a day in November at its meeting next weekend.
However, it was said that no final decision has been made yet, and deliberations could still evolve ahead of the meeting scheduled for October 5.
Meanwhile, crude resumed flowing from Iraq's Kurdistan to Turkey for the first time in 21/2 years, adding to fears of an impending supply glut.
Crude oil flowed on Saturday through a pipeline from the semi-autonomous Kurdistan region in northern Iraq to Turkey, following an interim agreement that resolved a deadlock over legal disputes and pipeline closure.
The State Oil Marketing Organization (SOMO) will now handle 190,000 barrels per day for export and allocate a further 50,000 barrels for local consumption, its director Ali Nizar reportedly said.
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