Ammon News - Oil prices slipped in Asia on Monday, extending losses from last week, on the prospect of a resumption of exports from Kurdistan's oilfields, while investors awaited clarity on talks to resolve Russia's war on Ukraine.

Brent futures were down 14 cents, or 0.2%, at $74.29 barrel, as of 0441 GMT, while U.S. West Texas Intermediate crude futures lost 22 cents, or 0.3%, to $70.18 a barrel.

Both Brent and WTI dropped by more than $2 on Friday, posting weekly declines of 0.4% and 0.5%, respectively.

"The downward spiral in crude oil prices is driven by pressure from the U.S. president on Iraq to resume oil exports from Kurdistan oilfields, which could improve supply flows in global oil markets after nearly two years of disruption," said Sugandha Sachdeva, founder of New Delhi-based research firm SS WealthStreet.

Iraq will export 185,000 barrels per day from Kurdistan's oilfields through the Iraq-Turkey pipeline once oil shipments resume, an Iraqi oil ministry official said on Sunday.

Iraq's oil ministry said all procedures had been completed to allow the resumption of exports through the Iraq-Turkey pipeline, potentially resolving a dispute that has disrupted crude flows. Reuters