Oil prices extended losses for a third consecutive session in early trading Friday as markets awaited the outcome of an OPEC+ meeting scheduled for Sunday that will discuss the possibility of further production increases.
Brent Crude futures fell 23 cents, or 0.3%, to $66.77 a barrel, while US West Texas Intermediate (WTI) crude dropped 19 cents, or 0.3%, to $63.29. At the upcoming meeting, OPEC+ members will weigh an additional output hike in October. Such a move would begin to unwind a second tranche of production cuts totaling about 1.65 million barrels per day, equivalent to 1.6% of global demand, more than a year ahead of schedule.
The group currently accounts for roughly half of the world's oil supply. On the supply side, US crude inventories unexpectedly rose by 2.4 million barrels last week as refineries entered seasonal maintenance. Analysts had forecast a 2-million-barrel draw, while data from the American Petroleum Institute indicated a smaller build of around 600,000 barrels.
