Oil prices fell in early trading on Friday for the third consecutive day as investors awaited next week’s OPEC+ alliance meeting, which will discuss increasing production.
By 0012 GMT, Brent crude futures dropped 23 cents, or 0.3 percent, to $66.77 a barrel. US West Texas Intermediate crude lost 19 cents, or 0.3 percent, to $63.29.
Two sources told Reuters that 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 the Sunday meeting.
Implementing another increase means OPEC+, which produces about half of the world’s oil, will begin lifting the second tranche of production cuts amounting to about 1.65 million barrels per day, or 1.6 percent 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.
A White House official said US President Donald Trump told European leaders yesterday 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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