Baghdad: Oil prices continued their decline on Friday, recording further losses after a sharp drop in the previous session, amid concerns over declining US demand and increasing global supplies. Brent crude futures fell to $66.07 per barrel, while US West Texas Intermediate crude fell to $62.06, following losses of 1.7% and 2%, respectively, in yesterday's session.

According to National Iraqi News Agency, the International Energy Agency stated in its monthly report that global oil supply is increasing at a faster-than-expected pace in 2025, driven by higher production from OPEC+, led by Russia and Saudi Arabia. It explained that the alliance's decision to increase production quotas starting in October reflects Saudi Arabia's desire to regain market share.