Oil prices fell on Thursday, continuing their decline from the previous session when they dropped by more than two percent. Investors are looking ahead to the OPEC+ alliance meeting early next week, where producers are expected to consider another increase in production targets.

By 0114 GMT, Brent crude fell 27 cents or 0.40 percent to $67.33 a barrel, while US West Texas Intermediate crude dropped 28 cents or 0.44 percent to $63.69 a barrel.

Two sources familiar with the matter said that eight members of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, will consider another production increase for October at a meeting next Sunday, as the group seeks to regain market share.

Phil Flynn, a senior analyst at Price Futures Group, said the likelihood of an OPEC+ production increase has risen ahead of the meeting. Traders had expected no change in production policy.

OPEC+ has already agreed to raise the production target by about 2.2 million barrels per day from April to September, in addition to increasing the UAE’s quota by 300,000 barrels per day.

Market participants are now awaiting US government data on crude inventories, released on Thursday but delayed by one day due to a US holiday on Monday.

Market sources said on Wednesday, based on data from the American Petroleum Institute, that crude inventories rose by 622,000 barrels in the week ending August 29.