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Crude oil futures settle sharply lower amid worries of oversupply

01 Oct 2025 Evaluate

Crude oil futures settled sharply lower on Tuesday amid worries of over supply owed to Iraq's oil exports to Turkey and the anticipated production increase by the OPEC+ alliance. The OPEC+ members are scheduled to meet on October 5 to discuss production hike for the month of November, with an aim to regain more market share. 

Benchmark crude oil futures for November decreased $1.08 or 1.70% at $62.37 a barrel on the New York Mercantile Exchange. Brent crude for November delivery slumped $0.95 or 1.4% to settle at $67.02 a barrel on London's Intercontinental Exchange.

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