Oil prices fall with expected low demand, upcoming supply rise

Oil prices fell on Friday as traders looked toward weaker demand in the US, the world’s largest oil market, and a boost in supply this autumn from OPEC and its allies.

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Brent crude futures for October delivery, which expired on Friday, settled at $68.12 a barrel, down 50 cents, or 0.73%. The more active contract for November finished down 53 cents, or 0.78%, at $67.45.

West Texas Intermediate (WTI) crude futures settled at $64.01, down 59 cents, or 0.91%.

The market was in part shifting its focus toward next week’s OPEC+ meeting, said Tamas Varga, analyst at PVM Oil Associates.

Crude output has increased from the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, as the group has accelerated output hikes to regain market share, raising the supply outlook and weighing on global oil prices.