Oil Prices Drop to Four-Month Lows on Oversupply Concerns
Oil prices fell over 1% to their lowest in four months on Thursday, extending a run of declines into a fourth day, due to concerns about oversupply in the market ahead of a meeting of the OPEC+ group over the weekend.
Brent crude futures fell 80 cents, or 1.2%, to $64.55 a barrel at 11:27 a.m. ET (1527 GMT). U.S. West Texas Intermediate crude dropped by 75 cents, also 1.2%, to $61.03 a barrel.
OPEC+ could agree to raise oil production by up to 500,000 barrels...
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