Oil prices slip as Kurdistan export resumption looms
Oil prices slipped in Asia on Monday, extending losses from last week, on the prospect of a resumption of exports from Kurdistan's oilfields, while investors awaited clarity on talks to resolve Russia's war on Ukraine.
Brent futures were down 14 cents, or 0.2%, at $74.29 barrel, as of 0441 GMT, while U.S. West Texas Intermediate crude futures lost 22 cents, or 0.3%, to $70.18 a barrel.
Both Brent and WTI dropped by more than $2 on Friday, posting weekly declines of 0.4% and 0.5%, respectively.
All eyes remain on the progress of talks to end Russia's war on Ukraine, which enters its fourth year on Monday. Officials said on Sunday that European Union leaders will meet for an extraordinary summit on March 6 to discuss additional support for Ukraine and European security guarantees.
This comes after U.S. President Donald Trump initiated talks with Russia on ending the war but without inviting Ukraine or the European Union to the table. A senior Russian diplomat said Russian and U.S. teams plan to meet this week to discuss improving relations.
Sanctions by the U.S. and EU on Russian oil exports have curbed its shipments and disrupted seaborne oil supply flows. Global energy supplies are expected to increase if a peace deal is reached and sanctions are lifted.
Source: Reuters
