Oil prices tumbled Monday, erasing last week’s gains, as supply concerns returned with OPEC+ set to boost output again and Kurdish exports resuming through Turkey.
Brent crude closed at $67.97, down $2.16 (3.1%), while WTI settled at $63.45, down $2.27 (3.45%). The pullback followed Friday’s rally to the highest levels since late July.
OPEC+ is expected to confirm a 137,000 bpd production hike for November at its meeting this weekend, part of its pivot to reclaim market share. At the same time, crude shipments from Iraq’s Kurdistan region resumed for the first time in 2½ years, with flows to Turkey’s Ceyhan port running near 150,000–160,000 bpd and potentially climbing to 230,000 bpd.
Last week’s 4% rally on Ukrainian drone strikes against Russian energy assets faded as traders refocused on the looming supply overhang. Analysts said the resumption of Kurdish exports, paired with OPEC+’s steady hikes, reinforced a softening fundamental outlook despite ongoing geopolitical tensions.