Investors anticipate a potential supply surplus in the market, driven by OPEC+'s possible expansion of production increases in November and the resumption of crude oil exports from Iraq's Kurdistan region via Turkey. International crude oil prices closed lower on September 30.

West Texas Intermediate (WTI) crude for November delivery decreased by US$1.08 (1.7%), reaching US$62.37 per barrel on the New York Mercantile Exchange.

Brent crude for November delivery expired on Tuesday and fell by US$0.95 (1.4%), settling at US$67.02 per barrel. The more actively traded December contract settled at US$66.03 per barrel.