Oil records monthly, quarterly losses

Oil drilling rigs

Oil prices plunged today, Sept. 30, amid reports that OPEC+ is expanding a potential production increase, heightening concerns about a global supply glut.

At the close of trading on last day of September, Brent crude fell 1.40%, or 95 cents, to $67.02 a barrel, marking a monthly loss of 1.60% and a quarterly loss of 0.90%.

WTI crude dropped 1.70%, or $1.08, to $62.37 a barrel, deepening their monthly loss to 2.56% and reducing their losses by 4.20% over the course of the third quarter.

The OPEC+ alliance will discuss increasing November's production ceiling by 500,000 barrels per day during a meeting scheduled for Sunday. This would be approximately three times the October increase, Bloomberg reported, citing informed sources.

This came after previous reports indicated that the coalition might raise production by at least 137,000 barrels per day.

"This (OPEC+) strategy could significantly squeeze margins for high-cost US shale producers, potentially forcing them to scale back the record-level output they've maintained," said StoneX Analyst Alex Hodes, according to Reuters.