Feb 20 (Reuters) -U.S. cotton fell more than 3% to its lowest in a week on Tuesday as the market corrected an overbought tone, while weaker oil prices also added further pressure.

* Cotton contracts for May CTc2 fell 2.65 cents, or 2.8%, to 91.76 cents per lb by 12:30 p.m. ET. Prices fell more than 3% earlier in the session, hitting their lowest since Feb. 13.

* The contract had hit its highest since Sept. 2022 on Feb. 16 at 96.42 cents and was up 2.4% last week.

* Speculators raised net long position by 18,947 contracts to 57,637 contracts in ICE U.S. cotton futures in the week of Feb. 13, the Commodity Futures Trading Commission said on Friday. CFTC/

* The market had a rally without any type of correction and is now seeing a little bit of profit taking, said Keith Brown, principal at cotton broker Keith Brown and Co in Georgia, adding that the move lower "was somewhat anticipated."

* "If we close below 91.50 cents, the market could certainly correct back down towards 90 cents," Brown added.

* Oil prices dipped on an uncertain outlook for global demand knocking value off crude futures contracts. Lower oil prices make polyester, a cotton substitute, less expensive. O/R

* "We expect a tightening of the global cotton market in 2023/24 due to decreases in production and increases in consumption, which will support higher prices compared to 2022/23," analysts at BMI wrote in a note dated Friday.

* India offered guaranteed support prices for pulses, corn and cotton in a bid to break a deadlock with protesting farmers.

* Elsewhere, Chicago soybean futures gained more ground with the market climbing to its highest level in almost one week on the back of short-covering, although rising global supplies kept a lid on prices. GRA/

Reporting by Rahul Paswan in Bengaluru; Editing by Shweta Agarwal