Daijiworld Media Network – Singapore

Singapore, Sep 29: Oil prices fell at the start of the week as expectations of another OPEC+ production hike in November stoked fears of oversupply.

Brent crude for November settlement dropped 0.9% to $69.52 a barrel at 8.29 am Singapore time, while West Texas Intermediate (WTI) for November delivery slipped 1% to $65.08.

The alliance led by Saudi Arabia is reportedly weighing an increase at least as large as the 137,000 barrels-a-day hike already planned for next month. The group is focusing on regaining market share rather than simply managing prices, though actual supply gains may be limited as some members struggle to boost output.

Despite the recent 5.2% weekly advance in Brent, analysts warn of a growing glut. The International Energy Agency projects a record surplus by 2026, while Goldman Sachs forecasts Brent could slide into the mid-$50s next year even with strong Chinese buying.