Oil Falls on Rising Supply Outlook

Group 1 - Oil prices are declining due to concerns over excess global supplies, particularly following Iraq and Turkey's agreement to resume crude exports from Kurdistan [1][2] - Brent crude and WTI prices fell by 0.4%, settling at $66.30 and $63.05 per barrel, respectively, with Iraq expected to export approximately 230,000 barrels a day after a two-year halt [2] - Crude benchmarks are facing monthly declines as fears of an oversupply overshadow ongoing geopolitical risks, while traders are monitoring Russian oil flows amid potential EU sanctions targeting oil industry entities in third countries [3]