Baghdad: Oil prices declined for a fifth consecutive session on Tuesday following a preliminary agreement between Iraq’s federal government and the Kurdish regional authorities to restart an oil pipeline, which has heightened concerns about oversupply in the market.

According to Qatar News Agency, Brent crude futures fell by 42 cents, or 0.63%, settling at $66.15 a barrel. Similarly, US West Texas Intermediate (WTI) crude decreased by 36 cents, or 0.58%, reaching $61.92 a barrel. Both contracts have experienced a five-session losing streak, resulting in a 4% decline.

The agreement between Iraq’s federal and Kurdish regional governments also involved oil companies, enabling the resumption of crude exports through Turkiye. This development will allow approximately 230,000 barrels per day (bpd) to be exported from Iraqi Kurdistan, a process that had been on hold since March 2023.