Oil prices slipped further Tuesday as supply concerns overshadowed recent geopolitical risks, with traders bracing for a potentially larger OPEC+ output hike and the restart of Kurdish exports through Turkey.
Brent for November delivery (expiring Tuesday) settled at $67.02, down 95¢ (1.4%), while the more active December contract closed at $66.03. WTI ended at $62.37, down $1.08 (1.7%). The decline followed Monday’s sharp 3%+ drop, the steepest since August 1.
Sources suggested OPEC+ may accelerate its November supply increase to between 274,000–411,000 bpd, potentially as high as 500,000 bpd, though the group publicly denied such reports. Analysts noted the move is aimed at regaining market share, even at the cost of softer prices.
Meanwhile, Iraqi Kurdistan resumed exports through Turkey’s Ceyhan port for the first time in 2½ years, with flows near 150,000–160,000 bpd and possibly rising to 230,000 bpd. The additional barrels reinforce the oversupply narrative at a time when U.S. crude output hit a record 13.64 million bpd in July.
Traders balanced these supply pressures with lingering geopolitical risks from Ukraine and the Middle East. Still, expectations of a U.S. government shutdown and bearish EIA/API inventory forecasts kept sentiment cautious.