Brent crude futures for December delivery slipped by 49 cents, or 0.7%, to $71.21 a barrel by 1117 GMT. U.S. West Texas Intermediate (WTI)crude futures lost 55 cents, or 0.8%, to $67.62.
Brent fell as much as 2.5% earlier in the session and WTI crude plunged by 2.7% before paring losses. A panel of top ministers from the OPEC+ producer group meets on Oct. 2 to review the market, with no policy changes expected. Starting in December, the OPEC+ comprising the Organizations of the Petroleum Exporting Countries (OPEC) plus allies such as Russia is scheduled to raise output by 180,000 barrels per day (bpd) each month. The possibility of Libyan oil output recovering also weighed on the market. Libya’s eastern-based parliament agreed on Monday to approve the nomination of a new central bank governor, which could help to end a crisis that drastically reduced the country’s oil output.
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