Oil Slides on US and Asia Economic Worries, Expected OPEC+ Production Increase

Oil slides on US and Asia economic worries, expected OPEC+ production increase

Oil steadied on after falling for two days as investors weighed OPEC+ plans for a larger output hike next month while data from the U.S. and Asia showed signs of demand waning.

First Tick: Top global cues to watch in today’s trade

Oil prices fell on Tuesday as another anticipated production increase by OPEC+ and the resumption of oil exports from Iraq's Kurdistan region via Turkey reinforced the outlook for a looming supply surplus.

Oil slips as Iraq exports resume and OPEC+ plans output hike – Commerzbank

Oil prices dropped early this week as northern Iraq resumed exports and OPEC+ signals a modest production increase for November, raising concerns of a widening oversupply despite elevated prices, Commerzbank's commodity analyst Barbara Lambrecht notes.

Oil Suffers Steepest Fall Since June

Oil prices tumbled as OPEC+ signaled a fresh output increase for November.