Oil Prices Decline for the Fifth Consecutive Day

SadaNews - Oil prices have declined for the fifth consecutive day, marking the longest losing streak since early August, amid rising indicators of increased global supplies that could fuel a surplus in the market during the fourth quarter and extend into 2026.

Brent crude, the global benchmark, fell to around $66 per barrel after losing 2.8% over the previous four sessions, while West Texas Intermediate remained near $62. Iraq is expected to soon resume its exports via the Kurdistan region after a two-year stoppage due to a financial dispute, potentially bringing back about 230,000 barrels per day to global markets, according to informed sources.

Record Surplus Forecasts

Crude is heading toward a limited quarterly decline, as expectations of an oversupply overshadow geopolitical risks such as threats to Russian supplies. The accelerated return of "OPEC+" production, along with increased supplies from outside the organization, has led to warnings from the International Energy Agency that supplies could exceed demand by a record margin.

Gao Mingyu, a senior energy analyst at "SDIC Essence Futures", stated: "The negative momentum is continuing, with expectations of a significant increase in Iraqi oil exports".

Geopolitical Pressures

On the political front, Canadian Prime Minister Mark Carney urged Western allies to impose secondary sanctions quickly on Russia to increase pressure on President Vladimir Putin. These remarks come after U.S. President Donald Trump called on European countries to stop buying energy from Moscow, although Washington has not yet imposed additional tariffs on China, the largest buyer of Russian crude.