Oil prices are declining, Brent – $66 per barrel

On Monday afternoon, oil started to decline, completely losing its morning growth. November Brent futures fell 0.7% to $66 per barrel, while WTI futures fell 0.72% to $61.68. 

Earlier, quotes rose to $67.31 and $63, respectively, amid geopolitical risks and fears of new sanctions against Russian oil.

The pressure on the market is reinforced by expectations of an oversupply due to an increase in OPEC+ production with falling demand. Analysts predict a decrease in global oil consumption until the beginning of 2026, which will lead to a further drop in prices.

Iraq increased exports to 3.38 million bpd in August and plans to increase it in September. In the United States, the number of oil rigs rose to 418, while gas remained at 118, according to Baker Hughes.