Oil prices slipped sharply in Asian trade Monday<\/strong>, as signals of fresh supply increases rattled traders already wary of a growing glut.<\/p>\n\n\n\n By 21:41 ET (01:41 GMT)<\/strong>, Brent crude futures (Nov)<\/strong> were down 0.8% at $69.58<\/strong> a barrel, while WTI crude (Nov)<\/strong> fell 0.9% to $65.16<\/strong>. Both benchmarks had surged nearly 5% last week, buoyed by concerns over Russian supply risks.<\/p>\n\n\n\n A Bloomberg report indicated that OPEC+ is set to consider another production hike<\/strong> at its Oct. 5 online meeting<\/strong>. Led by Saudi Arabia, the group may add at least the 137,000 barrels per day<\/strong> already agreed for October, extending a series of output increases this year.<\/p>\n\n\n\n The move marks a sharp reversal of the deep supply cuts in 2023\u20132024<\/strong>, as the group seeks to reclaim market share<\/strong>. The International Energy Agency (IEA)<\/strong> has already warned that such a policy could push the oil market into a record surplus by 2026<\/strong>, with supply outpacing demand.<\/p>\n\n\n\n Adding to bearish sentiment, Iraq resumed crude exports<\/strong> from its semi-autonomous Kurdistan region to Turkey<\/strong> on Saturday, ending a more than two-year suspension.<\/p>\n\n\n\n Initial shipments through the Kirkuk\u2013Ceyhan pipeline<\/strong> were estimated at 180,000\u2013190,000 barrels per day<\/strong>, with potential for higher flows in the coming months. The restart followed an interim deal between Baghdad, the Kurdistan Regional Government, and foreign oil firms<\/strong>, resolving a dispute that had stalled exports since March 2023<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":" Oil prices slipped sharply in Asian trade Monday, as signals of fresh supply increases rattled traders already wary of a growing glut. By 21:41 ET (01:41 GMT), Brent crude futures (Nov) were down 0.8% at $69.58 a barrel, while WTI crude (Nov) fell 0.9% to $65.16. Both benchmarks had surged nearly 5% last week, buoyed …<\/p>\n","protected":false},"author":9,"featured_media":60920,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,6827,49,36],"tags":[],"class_list":["post-119320","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-daily-economic-reports","category-economic-reports","category-market-updates"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/119320","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=119320"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/119320\/revisions"}],"predecessor-version":[{"id":119321,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/119320\/revisions\/119321"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/60920"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=119320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=119320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=119320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n\n\n\nOPEC+ Seen Raising Production Again in November<\/h4>\n\n\n\n
\n\n\n\nIraq Resumes Kurdish Oil Flows<\/h4>\n\n\n\n