Oil prices fell in early trading on Friday for the third consecutive day as investors awaited next week’s OPEC+ alliance meeting to discuss production increases.
By 0012 GMT, Brent crude futures dropped 23 cents, or 0.3%, to $66.77 a barrel. US West Texas Intermediate crude lost 19 cents, or 0.3%, to $63.29.
Two Reuters sources said eight members of the alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and countries like Russia, will consider another production increase for October at a Sunday meeting.
Implementing another increase means OPEC+, which pumps about half of the world’s oil, will begin rolling back the second tranche of production cuts of about 1.65 million barrels per day, or 1.6% of global demand, more than a year ahead of schedule.
Meanwhile, US crude inventories unexpectedly rose by 2.4 million barrels last week as refineries entered maintenance season.
Analysts in a Reuters poll had expected a two million barrel decline, while the American Petroleum Institute reported an increase of about 600,000 barrels.
A White House official said US President Donald Trump told European leaders on Thursday that Europe must stop buying Russian oil.
Any decline in Russia’s crude exports could lead to higher global oil prices.
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