Oil prices fell on Tuesday amid another expected increase in OPEC+ production and the resumption of oil exports from Iraqi Kurdistan via Turkey, which intensified the forecast for a future supply surplus, writes UNN with reference to Reuters.
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Brent crude futures for November delivery, which expire on Tuesday, fell 54 cents, or 0.8%, to $67.43 a barrel at 03:20 GMT (06:20 Kyiv time). The more active December contract fell 53 cents, or 0.8%, to $66.56 a barrel.
US West Texas Intermediate crude traded at $62.95 a barrel, down 50 cents, or 0.8%.
The drop in oil prices continued the decline that began on Monday, when Brent and WTI crude prices fell more than 3% after the sharpest daily decline since August 1, 2025.
The drop in oil prices came amid the resumption of oil exports from Iraqi Kurdistan over the weekend and reports that OPEC+ is likely to approve a production increase in November at its meeting this weekend, IG analyst Tony Sycamore wrote in a note to clients.
At a meeting scheduled for Sunday, the Organization of the Petroleum Exporting Countries and its allies, including Russia, known as OPEC+, are likely to approve another oil production increase of at least 137,000 barrels per day, three sources familiar with the talks said.
"While (OPEC+) is not exceeding its quota anyway, the market still seems unhappy with the increase in oil supply," said Marex analyst Ed Meir.
Meanwhile, on Saturday, oil flowed for the first time in two and a half years through a pipeline from semi-autonomous Kurdistan in northern Iraq to Turkey after a temporary agreement broke the deadlock, Iraq's oil ministry said.
In recent weeks, the market has remained cautious, balancing supply risks, mainly related to drone attacks on Russian refineries, and fears of oversupply and weak demand.
Exacerbating bearish sentiment, the potential risk of a US government shutdown has heightened demand concerns, ANZ analysts noted in their Tuesday note.
A US government shutdown could disrupt a wide range of services and delay the release of economic data, including Friday's jobs report, which is crucial for Federal Reserve policymakers' decision-making.
In addition, US President Donald Trump has secured the support of Israeli Prime Minister Netanyahu for a US-backed peace proposal for the Gaza Strip, but Hamas's position remains uncertain.
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