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.