Oil prices drop 2% on supply glut concerns

Oil drilling rigs

Oil prices fell on Thursday, marking a fourth straight day of losses amid concerns over abundant supply ahead of the upcoming OPEC+ meeting this weekend.

Brent crude (December delivery) declined 1.9% or $1.24 to $64.11 per barrel.

WTI crude (November delivery) dropped 2.1% or $1.30 to $60.48 per barrel.

The losses came as reports suggested OPEC+ may agree to roll back 500,000 barrels per day of voluntary production cuts starting November, although OPEC officially denied such claims.

Speaking to Reuters, Jorge Montepeque, CEO of Onyx Capital Group, said some banks have put out predictions of a super glut in oil markets, which have weighed on sentiment.