The price of oil experienced a decline in early trading on Friday, marking the third consecutive day of downward movement as investors anticipated an OPEC+ meeting scheduled for this weekend, which will deliberate on potential increases in output. Brent crude futures decreased by 23 cents, representing a 0.3% decline, settling at $66.77 per barrel at 0012 GMT.

Meanwhile, U.S. West Texas Intermediate crude also saw a reduction of 19 cents, or 0.3%, bringing it to $63.29. Eight members of the Organization of the Petroleum Exporting Countries and allies such as Russia within OPEC+ are set to deliberate on the possibility of increasing production in October during a meeting scheduled for Sunday, according to two sources acquainted with the discussions. Another boost would imply that OPEC+, responsible for approximately half of global oil production, would begin to reverse a secondary tier of output reductions total around 1.65 million barrels per day, equating to 1.6% of global demand, significantly ahead of the anticipated timeline by over a year.

Meanwhile, U.S. crude storage experienced an unexpected increase of 2.4 million barrels last week as refineries entered the maintenance season. Analysts had projected a reduction of 2 million barrels, whereas the American Petroleum Institute reported an increase of approximately 600,000 barrels in stock levels. U.S. President Donald Trump conveyed to European leaders on Thursday the imperative that Europe cease its purchases of Russian oil, according to a White House official.