Crude oil futures settled sharply lower amid concerns over oversupply owed to Iraq's fresh oil exports from Kurdistan to Turkey. Iraq's oil minister stated that the agreement between Iraq's federal government, the Kurdistan Regional Government (KRG) and foreign oil producers operating in the region will allow 180,000 to 190,000 barrels per day of crude to flow to Turkey's Ceyhan port. Moreover, the OPEC+ member nations are meeting on October 5 to discuss another increase to their crude output.
Benchmark crude oil futures for November decreased $2.27 or 3.45% at $63.45 a barrel on the New York Mercantile Exchange. Brent crude for November delivery slumped $2.16 or 3.08% to settle at $67.97 a barrel on London's Intercontinental Exchange.
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