Oil prices fell on Tuesday as another anticipated production increase by OPEC+ and the resumption of oil exports from Iraq’s Kurdistan region via Turkey reinforced the outlook for a looming supply surplus.
Brent crude futures for November delivery, expiring on Tuesday, fell 47 cents, or 0.69 per cent, to $67.50 a barrel by 0012 GMT. The more active contract for December was down 43 cents, or 0.64 per cent, at $66.66 per barrel.
U.S. West Texas Intermediate crude was trading at $63.05 a barrel, down 40 cents, or 0.63 per cent.
The drops extend Monday’s drop when both Brent and WTI settled more than 3 per cent lower after logging their sharpest daily declines since August 1, 2025.
Oil’s falls came as Iraq’s Kurdistan region resumed crude oil exports over the weekend and amid reports that OPEC+ is likely to approve an increase in production for November at its meeting this weekend, IG analyst Tony Sycamore wrote in a note to clients.
In a meeting scheduled for Sunday, the Organization of the Petroleum Exporting Countries and allies including Russia, together known as OPEC+, will likely approve another oil production increase of at least 137,000 barrels per day, three sources familiar with the talks said.
“Although (OPEC+ is) under their quota anyway, the market still does not seem to like the fact that more oil is coming in,” Marex analyst Ed Meir said.
Meanwhile, crude oil flowed on Saturday through a pipeline from the semi-autonomous Kurdistan region in northern Iraq to Turkey for the first time in 2-1/2 years, after an interim deal broke a deadlock, Iraq’s oil ministry said.
The market has remained cautious in recent weeks, balancing supply risks, mainly arising from Ukraine’s drone attacks on Russian refineries, with concerns of oversupply and weak demand.
Elsewhere, U.S. President Donald Trump won Israeli Prime Minister Netanyahu’s support for a U.S.-backed Gaza peace proposal, but Hamas’s stance remained uncertain.
