Brent falls more than 2% amid oversupply concerns

Oil drilling rigs

Oil prices deepened their losses today, Oct. 28, as investors assessed supply prospects following a report that the OPEC+ alliance is considering another increase in monthly production ceilings at its November meeting.

Brent crude was trading down 2.2% at $64.16 a barrel, at 11:34 am Makkah time. West Texas Intermediate (WTI) slumped 2.15% to $59.98 a barrel.

The OPEC+ group is considering an increase of approximately 137,000 barrels per day in the production ceiling during the online meeting scheduled for Nov. 2, Bloomberg reported, citing sources.

The American Petroleum Institute's report on US oil inventories is expected later today, before the official data from the US Energy Information Administration is released on Oct. 29.