Global oil prices recorded a notable decline of more than 2% on September 3, driven by market anticipation of the upcoming OPEC+ meeting scheduled for the end of the week. The group is widely expected to discuss potential production increases for October to meet global demand.
WTI crude for October delivery fell by $1.68, or 2.56%, closing at $63.91 per barrel on the New York Mercantile Exchange. Meanwhile, Brent crude dropped by $1.60, or 2.31%, settling at $67.54 per barrel.
This downturn reflects concerns over a possible oversupply in global markets at a time when demand growth in several major economies shows signs of slowing, potentially exerting further pressure on oil prices in the coming period.
