Oil tumbles ahead of OPEC+ meet

Oil prices dropped on Friday, dragged by prospects that the Organization of Oil Exporting Countries and allies (OPEC+) might augment a planned increase in output to alleviate supply concerns. The expectation came after increasing gas prices prompt producers to shift from gas to oil.

U.S. West Texas Intermediate (WTI) crude futures shed 5 cents to $74.98 a barrel at 0153 GMT, while Brent oil futures inched down 0.1%, or 7 cents, to $78.24 a barrel.

Both the WTI and Brent futures contracts are still on track for a sixth and fourth consecutive week of gains, respectively.

The focus is now turned to a Russia-led OPEC+ meeting on Monday, where producers will discuss whether to increase their existing deal to boost output by 400,000 barrels per day (bpd) in November and December.

Four OPEC+ sources have divulged that adding oil was considered as a scenario against a backdrop of oil approaching a three-year high and pressure from consumers for more supply. However, no details were given regarding volumes or dates.