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Investing.com -- Oil prices fell Tuesday, retreating after a recent rebound following a report of more planned output increases by a group of major producers..
At 08:20 ET (12:20 GMT), Brent oil futures for December fell 1.3% to $64.03 a barrel and West Texas Intermediate crude futures dropped 1.5% to $60.41 a barrel.
OPEC+ seen considering production hike in December
The Organization of Petroleum Exporting Countries and allies, a group known as OPEC+, is planning to increase production again in the coming months, according to a report by Bloomberg, with at least eight member states set to support the increase when they meet this coming Sunday.
The news agency reported the group is set to focus on a third monthly production hike of 137,000 barrels a day for December, as it continues unwinding two years of production cuts.
OPEC+ has been raising production despite weakness in oil markets, with the cartel seeking to reclaim a greater share of the oil market in order to offset the impact of prolonged weakness in oil prices.
Russia sanctions, U.S.-China trade progress
Oil prices had risen sharply last week after the U.S. announced sanctions against Russia’s two largest crude firms – Lukoil and Roseneft.
Markets were now waiting to see whether the sanctions will cause any noticeable disruptions in Russian oil supplies, given that Moscow has in the past found ways to circumvent U.S. restrictions.
Still, last week’s sanctions marked a pivot in the Donald Trump administration towards a more aggressive stance against Moscow over the Ukraine war. Trump was also seen approving more military aid for Kyiv.
The U.S. could target Russia’s biggest oil buyers – India and China – over their crude purchases, with Washington having slapped India with 50% trade tariffs over the matter.
Trump had also threatened action against China, although trade tensions with Beijing were seen cooling this week, after officials said a framework trade deal had been reached.
The deal will be built on when Trump and Chinese President Xi Jinping meet in South Korea later in the week.
Cooling Sino-U.S. trade tensions also supported oil prices this week.
Ambar Warrick contributed to this article