Oil prices settled 3 per cent lower on Monday as OPEC+ plans for another increase to oil output in November and the resumption of oil exports by Iraq’s Kurdistan region via Turkey raised the global supply outlook.
Brent crude futures dropped $2.16, or 3.1 per cent, to close at $67.97 a barrel by 11:33 a.m. ET (1533 GMT) after settling at their highest since July 31 on Friday. U.S. West Texas Intermediate crude was down $2.27, or 3.45 per cent, at $63.45.
OPEC+, the Organization of the Petroleum Exporting Countries and allied producers, meets on Sunday and is likely to confirm a production boost of at least 137,000 barrels per day for November to gain market share, said three sources.
OPEC+ has been pumping almost 500,000 bpd less than its targets.