Oil prices fell in early trading on Friday for the third day in a row as investors looked ahead to next week’s OPEC تحالف meeting, which will consider raising output.
By 0012 GMT, I landed. Brent futures 23 cents, or 0.3% to $66.77 per barrel. West Texas Intermediate crude lost 19 cents, or 0.3%, to $63.29.
Petroleum Exporting Countries (OPEC)
Two sources told Reuters that eight members of the alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and countries such as Russia, would consider further output increases for October at a meeting on Sunday.
OPEC أوبك
Another increase means OPEC أوبك, which pumps about half of the world’s oil, will start cancelling the second tranche of output cuts of about 1.65 million bpd, or 1.6 percent of global demand, more than a year ahead of schedule.
Meanwhile, U.S. crude inventories recorded a surprise increase of 2.4 million barrels last week as refineries entered the maintenance season.
Stock Decline
Analysts in a Reuters poll expected stocks to fall by 2 million barrels, while the American Petroleum Institute said stocks had risen by about 600,000 barrels.
A White House official said U.S. President Donald Trump told European leaders on Thursday that Europe should stop buying Russian oil. Any drop in Russian crude exports could push up global oil prices.
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