Oil prices decline amid improved global supply outlook

Global oil prices have declined for six consecutive trading sessions, reaching their lowest levels in approximately two weeks. Brent crude fell by 1.1 percent to $98.16 per barrel, while WTI crude dropped 1.67 percent to $89.01 per barrel. This downward trend is driven by investor optimism regarding improved global supply.

Key supply factors include Saudi Arabia resuming operations on its east-to-west pipeline to the Red Sea, which had been disrupted following an attack on September 11. Additionally, Iraq's oil minister reported that the country is currently exporting over 3 million barrels per day, with plans to increase exports through Turkey.

In Europe, fuel costs remain high, with the average price for Euro-Super 95 gasoline reaching 2.063 euros per liter. Approximately 47.3 percent of the final price paid by drivers in the European Union consists of taxes, including excise duties and value-added tax (VAT). The Netherlands currently imposes the highest fuel taxes in the bloc.