WASHINGTON (dpa-AFX) - Oil prices traded lower on Friday and were on course for a third straight monthly decline on supply glut fears.
Benchmark Brent crude futures fell 0.7 percent to $63.92 a barrel in European trading while WTI crude futures were down 0.8 percent at $60.10.
Both Brent and WTI contracts are down more than 3 percent for the month amid lingering concerns about a supply glut.
A stronger dollar and weak China data also weighed on prices ahead of this weekend's OPEC+ meeting to discuss output policy.
The dollar continued to rise after Federal Reserve Chair Jerome Powell cautioned investors not to expect another interest rate cut in December, saying it is 'not a foregone conclusion' and that Fed officials have strong and differing opinions on how to proceed next month.
Demand concerns returned to the fore after an official survey showed a measure of China's manufacturing activity contracted more than expected to hit a six-month low of 49.0 in October, down 0.8 percentage points from the previous month.
The non-manufacturing PMI edged up to 50.1 from 50.0 in the previous month, matching expectations.
Traders now look ahead to the upcoming OPEC+ meeting scheduled for November 2, where the oil cartel is widely expected to announce another 137,000 bbl/day supply hike for December as part of efforts to gain market share.
It is believed that more supply will help cushion the impact of Western sanctions disrupting Russian oil exports to its top buyers China and India.
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