Oil settles lower as investors brace for possible OPEC+ output hike
By Georgina McCartney
Houston (Reuters) -Registration prices fell on Tuesday as it was supported for the surplus supply due to its potential OPEC+ plans for a larger output hike next month, and the resumption of oil exports from the Kurdistan region through Turkey.
Brent Ham Futures fell to 95 cents or 1.4%for the November delivery ended on Tuesday. The more active range contract has reached $ 66.03.
Underneath
The US West Texas Intermediate Ham settled to $ 62.37 per barrel with a $ 1.08 or 1.7%.
On Monday, Brent and WTI settled more than 3% lower, the sharpest daily decreases since August 1st.
At the meeting on Sunday, OPEC+accelerated the increase in production from an increase of 137,000 barrels per day in November, as OPEC+forced Saudi Arabia to regain its market share.
Two of the three sources said eight OPEC+ OPEC members may agree to increase production in November, two or three times higher than 274,000-411,000 BPD or October. OPEC+ pumps about half of the world oil.
One of the three sources said the increase could be as big as 500,000 BPD. In the early hours of Tuesday, Bloomberg News reported that OPEC+ is considering accelerating 500,000 BPDs.
In an article in X, OPEC said he rejected media reports for the plans to increase the output of 500,000 BPDs and was wrong and misleading.
“This (this (OPEC+) strategy can significantly squeeze margins for high -cost US Shayl manufacturers and force potentially protected the record -level output they protect.” He said.
Meanwhile, the crude oil said that on Saturday, for the first time in two and a half years after a temporary agreement was locked, it was flowing from the semi -autonomous Kurdistan region in Northern Iraq with a pipeline to Türkiye.
“Oil prices, OPEC+, decided to restore the amount of oil in the market, with the re -start of Kurdish exports, weighs additional materials on market prices,” said Andrew Lipow, President of Lipow Petrol Associates. He said.
The Sunday has remained cautious in recent weeks, and mainly balances the supply risks caused by drone attacks of Ukraine on Russian refineries, excessive supply and weak demand expectations.
We are elsewhere President Donald Trump Israeli Prime Minister Netanyahu won the support of a US -backed Gaza peace proposal, but Hamas’s stance was uncertain.
PVM analyst Tamas Varga said that in an ideal scenario, the traffic sent through the Suez Canal will return to normal after a Gaza Peace agreement that will remove a significant part of the geopolitical risk premium.
