Oil falls for third day as OPEC+ mulls hike

Brent crude oil futures fell below $66 per barrel on Wednesday, the lowest in over three weeks, extending a three-day slide as OPEC+ weighs faster supply hikes.

The group meets Sunday to discuss boosting output by 500,000 barrels per day per month over three months, even as major forecasters warn the market is already oversupplied.

The IEA projects record surpluses next year, while TotalEnergies flagged a Q1 glut. Adding to pressure, US production hit a record 13.6 million barrels a day in July.

Still, traders doubt the full OPEC+ increase will materialize, with Saudi Arabia cautious about capacity limits.

In the meantime, Russia’s limited diesel export ban and extended gasoline restrictions offered only marginal support, as measures were expected and narrowly targeted.