Oil prices fell during trading on Monday, February 24, 2025, continuing a second consecutive session of losses, amid hopes of increased supplies.
The decline came with expectations that oil exports from the Kurdistan oil fields to Turkey might resume after a nearly two-year halt, as investors awaited clarity on the talks to resolve the Russian war on Ukraine.
On Friday, February 21, 2025, oil prices closed 3% lower after data showed a significant increase in U.S. crude inventories, while markets awaited developments in peace talks regarding Ukraine.
Last week, oil prices recorded weekly losses, despite expectations of demand recovery in the U.S. and China, and growing concerns about supply disruptions in Russia.
Oil Prices Today
As of 06:39 GMT (09:39 Makkah time), Brent crude oil futures for April 2025 were down 0.11%, reaching $74.35 per barrel.
Meanwhile, West Texas Intermediate (WTI) crude oil futures for April 2025 were down 0.23%, reaching $70.24 per barrel, according to real-time data from the Energy Platform (based in Washington).
Both Brent and WTI recorded weekly losses of 0.4% and 0.5%, respectively, contrary to expectations that they would rise by more than 2%.
Oil Price Analysis
Suganda Sachdeva, founder of SS WealthStreet, a research firm based in New Delhi, stated that "the downward spiral in crude oil prices is driven by U.S. pressure on Iraq to resume oil exports from the Kurdistan oil fields, which could improve supply flows in global oil markets after nearly two years of disruption."
Iraq plans to export 185,000 barrels per day from the Kurdistan oil fields via the Iraq-Turkey pipeline once oil shipments resume.
The Iraqi Ministry of Oil announced that all procedures have been completed to allow the resumption of exports through the Iraq-Turkey pipeline, which could resolve the dispute that has disrupted oil flows.
Attention remains on the progress of negotiations to end the Russian war in Ukraine, which has entered its fourth year. Officials said EU leaders will meet in an extraordinary summit on March 6 to discuss additional support for Ukraine and European security guarantees.
This comes after U.S. President Donald Trump began talks with Russia to end the war, but without inviting Ukraine or the EU to the table.
A senior Russian diplomat said that Russian and U.S. teams plan to meet this week to discuss improving relations.
U.S. and EU sanctions on Russian oil exports have curtailed shipments and disrupted the flow of seaborne oil supplies. Global energy supplies are expected to increase if a peace agreement is reached and sanctions are lifted.
Sachdeva stated that oil prices will be impacted by geopolitical developments and U.S. policy announcements in the short term.
