Oil loses over 2% on possible increase in OPEC+ supplies

Oil prices declined nearly 1.5%

Oil prices deepened their losses at the close of trading today, Sept. 3, as investors awaited the OPEC+ meeting early next week, amid expectations that a further increase in production targets will be discussed starting in October.

Brent crude futures for November delivery fell 2.23%, or $1.54, to close at $67.60 a barrel. WTI crude oil futures for October delivery dropped 2.47%, or $1.62, to settle at $63.97 per barrel.

According to informed sources, eight OPEC+ members are considering raising production again during Sept. 7 meeting, as part of the group's efforts to boost its market share.

Investors are awaiting the release of the American Petroleum Institute's estimates of US oil inventories later today, ahead of the official release of data from the US Energy Information Administration on Sept. 4.