Published by Global Banking & Finance Review®
Posted on September 5, 2025
2 min readLast updated: January 22, 2026
Add as preferred source on GoogleOil prices dip as investors anticipate OPEC+ output decision. Brent crude futures fall to $66.77, while U.S. crude storage sees unexpected build.
(Reuters) -Oil prices drifted down in early trading on Friday for the third straight day as investors awaited an OPEC+ meeting this weekend that will consider further output hikes.
Brent crude futures fell 23 cents, or 0.3%, to $66.77 a barrel at 0012 GMT, while U.S. West Texas Intermediate crude fell 19 cents, or 0.3%, to $63.29.
Eight members of the Organization of the Petroleum Exporting Countries and allies like Russia in OPEC+ will consider further raising production in October at a meeting on Sunday, two sources familiar with the discussions told Reuters.
Another boost would mean that OPEC+, which pumps about half of the world's oil, would be starting to unwind a second layer of output cuts of about 1.65 million barrels per day, or 1.6% of world demand, more than a year ahead of schedule.
Meanwhile, U.S. crude storage posted a surprise build of 2.4 million barrels last week as refineries headed into maintenance season. Analysts had estimated a 2-million-barrel draw in a Reuters poll, while the American Petroleum Institute industry group said stocks rose by around 600,0000 barrels.
U.S. President Donald Trump told European leaders on Thursday that Europe must stop buying Russian oil, a White House official said.
Any cuts to Russia's crude exports could push global oil prices higher.
(Reporting by Arathy Somasekhar and Georgina McCartney; Editing by Sonali Paul)
Brent crude futures fell to $66.77 a barrel, while U.S. West Texas Intermediate crude declined to $63.29.
The OPEC+ meeting will consider further raising production, which could affect global oil supply and prices.
U.S. crude storage posted a surprise build of 2.4 million barrels last week, contrary to analysts' expectations of a draw.
Any cuts to Russia's crude exports could potentially push global oil prices higher.
President Trump urged European leaders to stop purchasing Russian oil, indicating a political push that could influence market dynamics.
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