FX.co ★ Oil Extends Decline

WTI crude oil futures declined to around $63 per barrel on Tuesday, continuing the losses seen in the previous session. This development comes as traders assess the potential for increased global supply and the possibility of a ceasefire in Gaza. Reports suggest that OPEC+ might approve an additional output increase of 137,000 barrels per day for November during its meeting on Sunday. Furthermore, oil exports from Iraq's Kurdistan region recommenced on Saturday via the Iraq–Turkey pipeline, following a U.S.-mediated agreement involving the KRG, Baghdad, Turkey, and international operators. Geopolitically, U.S. President Donald Trump and Israeli Prime Minister Benjamin Netanyahu announced on Monday a provisional agreement on a 20-point U.S. peace plan for Gaza. Trump cautioned, though, that if Hamas declined the proposal, Israel would be authorized to "finish the job," with his full support. Concurrently, the European Union reinstated sanctions against Iran due to its ongoing non-compliance with the nuclear accord, echoing a similar decision by the United Nations.