Oil prices fell for the fifth consecutive session on Tuesday after a preliminary agreement between Baghdad and the Kurdistan Region of Iraq to resume operations of an oil pipeline heightened concerns about oversupply. The agreement will allow the resumption of nearly 230,000 barrels per day of exports from Iraqi Kurdistan, which had been halted since March 2023.
Brent crude futures fell by 42 cents, or 0.63 percent, to $66.15 a barrel. West Texas Intermediate (WTI) crude declined by 36 cents, or 0.58 percent, to $61.92 a barrel. Both contracts posted losses for five consecutive sessions, down four percent overall.
