Crude oil prices fell by -2.63% to 5,634 as traders positioned cautiously ahead of the OPEC+ meeting, which may decide on further production hikes from October.
The group, which accounts for about half of the world’s oil supply, is considering unwinding another layer of output cuts, amounting to 1.65 million barrels per day, more than a year earlier than initially planned.
This move reflects OPEC+’s attempt to reclaim market share following years of supply restraint.
