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Oil Prices Dip as Supply Pressure Builds
Oil prices retreated in early Asian trade on Monday, edging lower after the resumption of crude exports from Iraq’s Kurdistan region and growing expectations that OPEC+ will approve another production increase in November. The developments added to concerns of rising supply in an already delicate market. At the time of writing, WTI crude was trading at $65.16 per barrel, down 0.85%, while Brent crude was priced at $69.61 per barrel, a decline of 0.74%. Both benchmarks gave back ground after strong gains last week, when escalating geopolitical…