Crude oil prices are set to see their biggest drop in four months as OPEC+ plans to extend production boosts by another month after their Sunday meeting. Brent crude is at $64.53 per barrel, WTI at $60.86, down 8.3% and 7.6% respectively this week, according to Reuters.

OPEC+ may add 500,000 barrels per day in production, a downside risk for oil prices. Goldman Sachs forecasted a 140,000 daily increase, citing lower OECD inventory and U.S. stockpile levels. Analysts note solid Asian demand, potential Russian production decline, and seasonal oil demand uptick.

Bloomberg reported signs of an oil glut with unsold Middle Eastern cargoes and fewer buyers in India and China. This indicates a potential oversupply issue in the market. The oil market is facing challenges due to production boosts and changing demand patterns in key regions.

Read more at Yahoo Finance: Oil Prices Set for Sharpest Weekly Decline Since June Ahead of OPEC+ Meeting