Oil markets pulled back last week as traders weighed growing supply concerns and softer demand signals. Brent crude settled at USD 68.33 per barrel, down 0.89 (–1.29 percent), while WTI crude closed at USD 64.76 per barrel, slipping 0.96 (–1.46 percent). The December 2025 contract anchored the Brent figure, while WTI’s reference was tied to November 2025.
A resumption of crude exports from Iraq’s Kurdistan region, combined with expectations that OPEC+ may boost output further, contributed to the bearish tone. Analysts note that the reinstated flows from Kurdistan could add 180,000–190,000 barrels per day into the market, already a factor putting pressure on prices.
Meanwhile, global demand remains uneven. Though geopolitical risks persist, many investors view oil’s recent rally as sentiment-driven. Some modest profit-taking has set in, especially as the market stalls below the $70 per barrel threshold.
Looking ahead, the outlook is murky. If OPEC+ follows through on additional supply pledges, the market could face further downside. On the demand side, any signs of economic weakness or slower consumption in major importing regions could amplify the slide. For now, crude markets seem treading water between supply optimism and demand caution.
