Oil prices ease as investors await OPEC+ output decision

Oil prices drifted down in early trading on Friday for the third straight day as investors awaited an OPEC+ meeting this weekend that will consider further output hikes.

Brent crude futures fell 23 cents, or 0.3%, to $66.77 a barrel at 0012 GMT, while U.S. West Texas Intermediate crude fell 19 cents, or 0.3%, to $63.29.

Eight members of the Organization of the Petroleum Exporting Countries and allies like Russia in OPEC+ will consider further raising production in October at a meeting on Sunday, two sources familiar with the discussions told Reuters.

Another boost would mean that OPEC+, which pumps about half of the world’s oil, would be starting to unwind a second layer of output cuts of about 1.65 million barrels per day, or 1.6% of world demand, more than a year ahead of schedule.

Meanwhile, U.S. crude storage posted a surprise build of 2.4 million barrels last week as refineries headed into maintenance season. Analysts had estimated a 2-million-barrel draw in a Reuters poll, while the American Petroleum Institute industry group said stocks rose by around 600,0000 barrels.

U.S. President Donald Trump told European leaders on Thursday that Europe must stop buying Russian oil, a White House official said. Any cuts to Russia’s crude exports could push global oil prices higher.