Singapore September 2 2024: Oil prices extended losses on Monday with investors weighing higher OPEC+ production from October against a sharp drop in output from Libya amid sluggish demand in China and the U.S., the world’s two biggest oil consumers.
Brent crude futures fell 57 cents, or 0.7%, to $76.36 a barrel by 0108 GMT while U.S. West Texas Intermediate crude slipped 50 cents, or 0.7%, to $73.05 a barrel.
The losses followed a 0.3% decline for Brent last week and a 1.7% drop for WTI.
The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, is set to proceed with a planned oil output hike from October, six sources from the producer group told Reuters.
Eight OPEC+ members are scheduled to boost output by 180,000 barrels per day in October, as part of a plan to begin unwinding their most recent layer of output cuts of 2.2 million bpd while keeping other cuts in place until end-2025.
