Increase in Iraq oil production sent prices dropping a second day

Bracing for a larger output of oil production from Iraq’s Kurdistan region via Turkey, investors backed off on Tuesday and as a result, crude oil prices fell a strong 1%.

A day earlier, prices fell 3%, their sharpest daily decline since August 1 as investors became aware the Kurdistan region’s output will increase. At the same time, OPEC+ members plan to meet next Sunday and the organization might speed production increases n November from the 137,000 barrels a day hike planned in October.

Reuters reported that eight members of OPEC+ could agree to raise production in November by 274,000-411,000 bpd, or two or three times higher than the October increase, two of the three sources said. OPEC+ pumps about half of the world’s oil. The increase could be as big as 500,000 bpd, one of the three sources said.

West Texas Intermediate crude finished down $1.08 or 1.7% to $62.37 a barrel on the New York Mercantile Exchange on Tuesday.

Brent crude fell 95 cents or 1.4% and closed at $67.02 a barrel.

Natural gas finished up for the day at $3.335 MMBtu following a gain of $0.068 or 2.08%.

A near split in gains and losses was recorded by Oklahoma energy stocks.

Most were modest gains and losses. However, Mammoth Energy recorded a more than 4% drop for the day.