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WTI price weakens due to oversupply concerns as OPEC+ could increase Oil production for November.
Oil prices eased after Iraq’s Kurdistan region resumed exports following a 2.5-year pause.
President Trump and Israeli Prime Minister Benjamin Netanyahu had reached a tentative 20-point US peace plan for Gaza.
West Texas Intermediate (WTI) Oil price continues to lose ground, trading around $62.90 per barrel during the Asian hours on Tuesday. Crude Oil prices weaken due to another anticipated production increase by the Organization of the Petroleum Exporting Countries and allies, including Russia, following the resumption of Oil exports from Iraq's Kurdistan region.
OPEC+ is expected to approve a production hike for November at its meeting this weekend. The Oil group is likely to agree on boosting output by at least 137,000 barrels per day at Sunday’s gathering.
Oil prices slipped after Iraq’s Kurdistan region resumed exports following a 2.5-year halt, adding supply to a market facing surplus risks. Under a new deal with Baghdad, the Kurdistan Regional Government, and international Oil firms, 180,000–190,000 barrels per day (bpd) will initially flow to Turkey’s Ceyhan port.
US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu announced Monday they had reached a tentative 20-point US peace plan for Gaza. Trump cautioned that if Hamas rejects the proposal, Israel would have his full backing to “finish the job.” Meanwhile, the EU reimposed sanctions on Iran over its continued violations of the nuclear agreement, mirroring recent UN measures.
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