Oil prices end lower amid higher US crude inventories

Oil prices continued to slide for 2nd session today

Oil prices settled lower on Thursday after data showed a surprise increase in US crude inventories, alongside expectations that the OPEC+ alliance may agree to raise output at its upcoming Sunday meeting.

Brent November futures dropped 0.9%, or 61 cents, to settle at $66.99 a barrel.

October WTI futures also declined 0.77%, or 49 cents, to $63.48 a barrel at settlement.

Data from the US Energy Information Administration (EIA) showed crude stockpiles rising by 2.4 million barrels in the week ended Aug. 29, while analysts had expected a 2-million-barrel draw.

OPEC+ plans to discuss an oil production hike for October at its Sunday meeting, a move that could signal the group’s focus on reclaiming market share, Reuters reported.