Oil prices slipped in early trade on Monday, extending losses from last week, on the prospect of a resumption of exports from Kurdistan’s oilfields, while investors awaited clarity on talks to end Russia’s war on Ukraine.
Brent futures fell 20 cents, or 0.3%, to $74.23 barrel at 0113 GMT, while U.S. West Texas Intermediate crude futures lost 28 cents, or 0.4%, to $70.12 a barrel. Both contracts dropped by more than $2 on Friday, posting weekly declines as well.
On the supply front, Iraq will export 185,000 barrels per day from Kurdistan’s oilfields through the Iraq-Turkey pipeline once oil shipments resume, an Iraqi oil ministry official said on Sunday.
Iraq’s oil ministry said all procedures had been completed to allow the resumption of exports through the Iraq-Turkey pipeline, potentially resolving a nearly two-year dispute that has disrupted crude flows.
All eyes remain on the progress of talks to end Russia’s war on Ukraine, which enters its fourth year on Monday.
Officials said on Sunday that European Union leaders will meet for an extraordinary summit on March 6 to discuss additional support for Ukraine and European security guarantees.
