SINGAPORE (Realist English). Oil prices fell for a second consecutive session on Tuesday, pressured by expectations of a fresh OPEC+ production increase and the resumption of crude exports from Iraq’s Kurdistan region via Turkey, raising concerns over a growing supply surplus, Reuters reported.
Brent crude futures for November delivery slipped 54 cents, or 0.8%, to $67.43 a barrel by 03:20 GMT, while the more active December contract declined 53 cents to $66.56. US West Texas Intermediate (WTI) crude was down 50 cents, or 0.8%, at $62.95 a barrel.
The declines followed sharp losses on Monday, when both Brent and WTI registered their steepest daily falls since August 1, each dropping more than 3 per cent.
Analyst Tony Sycamore of IG said the downturn reflected two key developments: the Kurdistan region’s crude exports restarting over the weekend and expectations that OPEC+ will approve a supply increase for November. Reuters reported that at its meeting this Sunday, the group is expected to add at least 137,000 barrels per day to production.
On Saturday, oil began flowing through the pipeline from Iraq’s semi-autonomous Kurdistan region to Turkey for the first time in two and a half years, following an interim deal to end a prolonged export deadlock, Iraq’s oil ministry confirmed.
Market sentiment remains cautious as traders weigh potential disruptions — particularly from Ukrainian drone strikes on Russian refineries — against the risk of oversupply and subdued demand, analysts noted.
In parallel geopolitical developments, Reuters reported that US President Donald Trump has secured Israeli Prime Minister Benjamin Netanyahu’s support for a Washington-backed Gaza peace initiative, though Hamas’s stance on the proposal remains unclear.
