Oil prices dipped on Thursday, extending the more than 2% decline of the previous session, as investors awaited a weekend meeting of OPEC+ where producers are expected to consider another increase in output targets.
Brent crude fell 43 cents, or 0.6%, to $67.17 U.S. a barrel, leading up to noon EDT on Thursday, while U.S. West Texas Intermediate crude shed 44 cents, or 0.7%, to $63.53 U.S. a barrel.
Eight members of the Organization of the Petroleum Exporting Countries and allies - known together as OPEC+ - will consider further increases to production in October at a meeting on Sunday, two sources familiar with the discussions told Reuters, as the group seeks to regain market share.
A potential OPEC+ production hike would send a strong signal that regaining their market share takes priority over price support, said one analyst.
OPEC+ had already agreed to raise output targets by about 2.2 million barrels per day from April to September, in addition to a 300,000 bpd quota increase for the United Arab Emirates.
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