Oil falls as OPEC+ plan adds to expectations of supply surplus

LONDON, Sept 30 (Reuters): Oil prices fell on Tuesday ahead of another anticipated production increase by OPEC+ and as the resumption of oil exports from Iraq's Kurdistan region via Turkey reinforced market expectations of a supply surplus.
Brent crude futures for November delivery , expiring on Tuesday, fell 70 cents, or 1 per cent, to $67.27 a barrel by 1320 GMT.
US West Texas Intermediate crude was trading at $62.64 a barrel, down 81 cents, or 1.3 per cent.
The drops extend Monday's falls when both Brent and WTI settled more than 3 per cent lower, their sharpest daily declines since August 1. Selling pressure intensified as OPEC+ sources hinted at another output hike, after prices declined following the resumption of Iraq's Kurdistan region's crude oil exports via Turkey, PVM analyst Tamas Varga said.
In a meeting scheduled for Sunday, the Organization of the Petroleum Exporting Countries and allies including Russia, together known as OPEC+, will likely approve another oil production increase of at least 137,000 barrels per day, three sources familiar with the talks said.
Goldman Sachs on Tuesday said that it expects OPEC+ to raise oil production quotas by 140,000 barrels per day for November.
Meanwhile, crude oil flowed on Saturday through a pipeline from the semi-autonomous Kurdistan region in northern Iraq to Turkey for the first time in 2-1/2 years, after an interim deal broke a deadlock, Iraq's oil ministry said.
The market has remained cautious in recent weeks, balancing supply risks, mainly arising from Ukraine's drone attacks on Russian refineries, with expectations of oversupply and weak demand.