WASHINGTON (dpa-AFX) - Oil prices extended losses for a third consecutive session on Wednesday amid concerns that OPEC+ could move forward with a more aggressive production increase in November.
That said, signs of tighter U.S. crude inventories helped limit overall losses to some extent.
Benchmark Brent crude futures were down 0.4 percent at $65.74 a barrel in European trade, while WTI crude futures dipped half a percent to $62.09.
The OPEC+ alliance is expected to increase oil production by 411,000 barrels per day for November at its Sunday, October 5, meeting, in order to regain more market share.
The size of increase is three times more than the earlier-reported 137,000 bpd increase the cartel had agreed for October.
As OPEC+ boosts output, media reports suggest that Iraq plans to more than double crude oil flows through the Kirkuk-Ceyhan pipeline by next year.
Meanwhile, traders await the Energy Information Administration's inventory data for clearer confirmation of supply and demand trends after industry data showed a draw in U.S. crude inventories.
The American Petroleum Institute report released late Tuesday showed that U.S. crude inventories dropped by 3.67 million barrels in the week ending September 26.
However, gasoline stocks rose by 1.3 million barrels and distillate inventories increased by 3 million barrels.
On the geopolitical front, U.S. President Donald Trump issued a 3-4 days ultimatum to Hamas, warning of an 'unstoppable military force' if the group rejects his Gaza peace plan.
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