Baghdad: Oil prices continued their downward trend for the fifth straight session following a preliminary accord between Baghdad and the Kurdistan Region aimed at resuming an oil pipeline, which has sparked concerns over potential oversupply in the market. According to Yemen News Agency, Brent crude futures decreased by 42 cents, or 0.63 percent, settling at $66.15 a barrel. Similarly, U.S. West Texas Intermediate crude saw a reduction of 36 cents, or 0.58 percent, bringing it to $61.92 a barrel. Both oil benchmarks have experienced a cumulative decline of 4 percent over the five sessions. The agreement between Iraq and the Kurdistan Region, reached on Monday, includes oil companies and facilitates the resumption of crude oil exports via Turkey. This development will enable the export of approximately 230,000 barrels per day from Kurdistan, a flow that had been on hold since March 2023.
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