VIENNA, Sept 30 — Oil prices fell on Tuesday as another anticipated production increase by OPEC+ and the resumption of oil exports from Iraq's Kurdistan region via Turkiye 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 US$67.50 a barrel by 0012 GMT. The more active contract for December was down 43 cents, or 0.64 per cent, at US$66.66 per barrel.
U.S. West Texas Intermediate crude was trading at US$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 three per cent lower after logging their sharpest daily declines since August 1, 2025.
IG analyst Tony Sycamore wrote in a note to clients that oil's falls came as Iraq's Kurdistan region resumed crude oil exports over the weekend and amid reports that the Organisation of the Petroleum Exporting Countries and allies (OPEC+) is likely to approve an increase in production for November at its meeting this weekend.
In a meeting scheduled for Sunday, OPEC+, including Russia, 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," said Marex analyst Ed Meir.
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 two and a half years, said Iraq's Oil Ministry.
The market has remained cautious in recent weeks, balancing supply risks, primarily stemming from Ukraine's drone attacks on Russian refineries, with concerns about oversupply and weak demand.
Elsewhere, United States (US) President Donald Trump won Israeli Prime Minister Netanyahu's support for a US-backed Gaza peace proposal, but Hamas's stance remained uncertain.
