WASHINGTON (dpa-AFX) - Oil traded lower on Thursday, extending a decline of more than 2 percent in the previous session on concerns that OPEC+ may boost supplies.
Benchmark Brent crude futures fell 0.9 percent to $67 a barrel in European trade, while WTI crude futures were down 0.9 percent at $63.40.
It is feared that growing supply from OPEC+ and higher output from South America will tip the market balance into oversupply toward the end of the year.
Eight OPEC+ countries are meeting on Sunday to decide on October output and another output hike is in the offing to reclaim market share.
Iran's crude oil and condensate exports have reached a new high over the past 12 months despite the imposition of 14 U.S. sanction packages totaling 465 measures, media reports suggest.
Speaking to reporters on Wednesday after a cabinet meeting, Iran's Oil Minister, Mohsen Paknejad, stated that the potential reactivation of UN sanctions by the EU, or 'snapback,' would not impact the country's oil export volumes beyond existing U.S. unilateral restrictions.
Meanwhile, U.S. crude oil inventories unexpectedly rose in the week ended Aug. 29, signaling a potential decline in fuel demand following the end of the summer driving season.
The American Petroleum Institute (API) estimated that commercial crude inventories rose by 622,000 barrels last week, compared with expectations for a 3.4-million- barrel draw.
Gasoline inventories fell by 4.57 million barrels, while distillate stocks - including diesel and heating oil - increased by 3.68 million barrels.
Official data from the U.S. Energy Information Administration (EIA) will be out later in the day.
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