WASHINGTON (dpa-AFX) - Oil extended sharp overnight losses on Tuesday as another anticipated production increase by OPEC+ in November and the resumption of oil exports from Iraq's Kurdistan region via Turkey exacerbated concerns about a glut.
Benchmark Brent crude futures were down 0.9 percent at $66.51 a barrel in European trade, while WTI crude futures fell 0.9 percent to $62.89.
OPEC+ is likely to approve another oil production increase of at least 137,000 barrels per day at its meeting next Sunday as part of efforts to further regain market share.
Kurdistan Region oil exports are reportedly running steadily at 190,000 barrels per day through Turkey's Ceyhan port, adding to prospects of an oversupplied market.
On the geopolitical front, U.S. President Donald Trump has announced the support of Israel for a U.S.-sponsored peace deal to end the war in Gaza.
The 20-point peace plan seeks an immediate ceasefire, an exchange of hostages held by Hamas for Palestinian prisoners held by Israel, a staged Israeli withdrawal from Gaza, Hamas disarmament and a transitional government led by an international body.
Elsewhere, Russia has warned of a sharp escalation of the ongoing war if the United States supplies Tomahawk cruise missiles to Ukraine.
Investors also await new U.S. economic data, especially jobs and manufacturing numbers this week to gauge the Federal Reserve's next move on interest rates.
The U.S. government is on the brink of a shutdown after a White House meeting between President Trump and his Democratic opponents yielded no breakthrough.
Vice President JD Vance said he believes the government is headed towards a shutdown, which will likely disrupt several services starting October 1.
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