Monday saw oil prices in the global market drop due to anticipation of increased production in OPEC+ and the re-export of the Kurdish region of Iraq. Brent crude fell by almost 1 percent to 67.43 a barrel, whereas U.S. West Texas Intermediate sold at 62.95.
Analysts attribute the market to reacting to the fear of oversupply in times where there is fragile demand in the whole world.
The most recent OPEC+ conference indicated that members might jointly increase production, relaxing previous supply limits. Kurdish shipments added
to the pressure.