Oil prices fell 1% to a two-week low due to a surprise increase in U.S. crude inventories. Brent crude settled at $66.95, WTI at $63.48, the lowest since August 20. Energy firms added 2.4 million barrels into storage last week, defying forecasts. OPEC+ may increase production targets at a meeting this weekend.

OPEC+ members are considering further production increases in October. A potential hike would prioritize regaining market share over price support. OPEC+ previously agreed to raise output targets by 2.2 million bpd from April to September, with an additional 300,000-bpd quota increase for the UAE. Economic data indicates a possible interest rate cut by the Federal Reserve.

Leading economic institutes in Germany revised growth forecasts for 2025 and 2026 downward due to U.S. tariffs and delays in public spending boosts. President Trump urged Europe to stop buying Russian oil to curb Moscow’s funding for the war in Ukraine. Any reduction in Russian oil exports could boost prices.

Read more at Yahoo Finance: Oil prices ease on surprise build in US crude stockpiles, OPEC+ to consider output hike