Oil under pressure as oversupply fears mount

WTI crude oil futures fell under $65 per barrel on Monday after Iraq?s Kurdistan region resumed crude exports following a two-and-a-half-year halt, while OPEC+ plans for another output hike added to oversupply concerns. The agreement allows 180,000?190,000 bpd to flow to Turkey?s Ceyhan port. Weakness in the US dollar cushioned the fall, with the dollar index sliding to around 98 amid government shutdown fears and ahead of key US economic releases this week. Investors are watching nonfarm payrolls, ADP private payrolls, JOLTS job openings, and ISM manufacturing PMI for labor market cues. MCX crude oil futures traded lower by 0.4% at Rs 5810 per barrel.

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