Oil down on Monday

Oil prices declined on Monday as Iraq prepared to resume Kurdistan’s oil exports, while markets watched Russia-Ukraine peace efforts. Brent fell to $74.29 per barrel, and US West Texas Intermediate (WTI) dropped to $70.18, extending last week’s losses.

Iraq plans to export 185,000 barrels per day via the Iraq-Turkey pipeline, easing a two-year supply disruption. Meanwhile, EU leaders will meet on March 6 to discuss Ukraine aid, while US-Russia talks on relations continue.

In the Middle East, Gaza ceasefire talks hinge on prisoner releases, though the truce remains intact.

Attribution: Reuters

Subediting: M. S. Salama