Brent Prices Retreat below $70 as OPEC+ Mulls Another Output Hike

Group 1 - Brent Crude prices fell by 2% early on Monday, trading at $68.87 after briefly reaching $70 per barrel, the highest in nearly two months [1] - The U.S. benchmark, WTI Crude, also declined, trading down by 2.02% at $64.36 [1] - Increased supply from Iraq's Kurdistan region and potential additional barrels from OPEC+ contributed to the downward pressure on oil prices [2][4] Group 2 - Iraq resumed crude oil exports from Kurdistan, flowing an estimated 230,000 barrels per day after a two and a half year halt due to disputes [3] - The resumption of exports coincides with expectations of oversupply as the peak summer demand season ends [3] - OPEC+ is expected to continue raising production, with plans to reverse cuts of 137,000 barrels per day starting in October [4] Group 3 - Despite the anticipated production increases from OPEC+, oil prices have remained relatively stable, trading closer to $70 than $65 per barrel [5] - This stability may be attributed to the fact that some OPEC+ members are near capacity, while others are compensating for previous overproduction [5]