Oil pumping jacks, also known as "nodding donkeys", operate in an oilfield near Dyurtyuli, the Republic of Bashkortostan, Russia, November 19, 2020. Photo by Andrey Rudakov / Bloomberg

Oil dropped for a fifth day — on pace for the longest losing run since early August — on signs that global supplies are set to increase, potentially feeding a surplus in the fourth quarter and into 2026.

Global benchmark Brent fell toward US$66 a barrel after slipping 2.8 per cent over the previous four sessions, while West Texas Intermediate was about US$62. Iraq may shortly resume exports via Kurdistan after a two-year halt over a payment dispute. That could see about 230,000 barrels a day return to international markets, according to people familiar with the matter.

Crude is on course for a narrow

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