Oil Prices Drop to Four-Month Lows ahead of OPEC+ Meeting

Oil prices fell sharply on Thursday, reaching their lowest levels in four months, as mounting concerns over a potential supply glut rattled energy markets just days before a key OPEC+ meeting.

Brent crude futures slid $1.20, or 1.8%, to settle at $64.15 per barrelو a price not seen since June 2. Meanwhile, U.S. West Texas Intermediate (WTI) crude dropped $1.30, or 2.1%, to $60.48, its lowest level since May 30.

Latest Oil Prices:

WTI Crude • 60.75 +0.27 +0.45%

Brent Crude • 64.38 +0.27 +0.42%

Murban Crude • 65.31 +0.16 +0.25%

Louisiana Light • 65.47 -1.10 -1.65%

Bonny Light • 78.62 -2.30 -2.84%

Opec Basket • 67.22 -1.98 -2.86%

Mars US • 71.01 -0.96 -1.33%

Gasoline • 1.854 +0.003 +0.14%

Natural Gas • 3.421 -0.021 -0.61%

The drop marked the fourth consecutive day of losses for oil, driven by expectations that the OPEC+ alliance may increase production in an attempt to recapture market share, particularly by top producer Saudi Arabia.

According to three sources familiar with the matter, OPEC+ is considering raising output by up to 500,000 barrels per day in November, a move that would triple the group’s planned increase for October.

"Saudi Arabia is pushing to reclaim its market position amid shifting global dynamics," one source said, requesting anonymity due to the sensitive nature of the talks.

If confirmed, the additional supply could further exacerbate a delicate supply-demand balance at a time when global economic indicators are already flashing signs of weakening consumption.

The U.S. Energy Information Administration (EIA) reported a rise in domestic stockpiles of crude oil, gasoline, and distillates last week, citing a decline in refinery activity and softening demand as contributing factors.

Adding to bearish sentiment, analysts at BVM Energy noted that global oil demand forecasts have been revised downward by 150,000 barrels per day between January and September 2025, underscoring a broader slowdown in energy consumption.

While oversupply concerns dominate headlines, some factors have helped limit the extent of oil’s losses. Strong demand from China, the world’s largest crude importer, provided a degree of price support, alongside ongoing geopolitical tensions involving Russian exports.

This week, G7 finance ministers vowed to ramp up pressure on Russia by targeting entities continuing to expand purchases of Russian oil, raising the potential for disruptions in supply.

“Unless those supply risks from Russia materialize, they are unlikely to significantly move the market,” said Giovanni Staunovo, analyst at UBS.

Additionally, in the U.S., the Colonial Pipeline, the country’s largest fuel pipeline, resumed operations on Thursday following an unscheduled maintenance shutdown, helping to stabilize regional supply flows.