Oil slumps for fifth day as global supply concerns mount
Oil prices fell for a fifth consecutive day, marking their longest losing streak since early August, as indicators point to a potential increase in global supplies, raising concerns of a surplus in the fourth quarter and into 2026.
Global benchmark Brent fell toward $66 a barrel after slipping 2.8% over the previous four sessions, while West Texas Intermediate was about $62, News.Az reports, citing Bloomberg.
Iraq may shortly resume exports via Kurdistan after a two-year halt over a payment dispute. That could see about 230,000 barrels a day return to international markets, according to people familiar with the matter.
Crude is on course for a narrow quarterly decline, as forecasts for a glut have offset lingering geopolitical concerns, including threats to flows from Russia.
A rapid return of shuttered barrels by the Organization of the Petroleum Exporting Countries and its allies, as well as increased production from outside the group, have seen market watchers including the International Energy Agency warn that supplies are set to top demand by a record margin.
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