Oil prices slid on Thursday, extending a decline of more than 2% in the previous session, as investors and traders look ahead to a weekend meeting of OPEC+ where producers are expected to consider another increase in output targets.
Brent crude fell 46 cents, or 0.7%, to $67.14 a barrel by 0416 GMT, while U.S. West Texas Intermediate crude fell 47 cents, or 0.7%, to $63.5 a barrel.
Eight members of the Organization of the Petroleum Exporting Countries and allies – known together as OPEC+ – will consider further increases to production in October at a meeting on Sunday, two sources familiar with the discussions told Reuters, as the group seeks to regain market share.
“Brent crude oil came under renewed pressure as OPEC+ considers releasing more barrels in (the fourth quarter). If it moves ahead, this could worsen the expected surplus, particularly during the lean demand season,” said ANZ Research analysts in a client note.
OPEC+ had already agreed to raise output targets by about 2.2 million barrels per day from April to September, in addition to a 300,000 bpd quota increase for the United Arab Emirates.
