Oil prices extended losses during Thursday's Asian trade, falling for a second straight session as markets turned their attention to an upcoming OPEC+ meeting that could result in another increase in production quotas.
By 3:25 pm AEST (5:25 am GMT), Brent crude dropped 46 cents, or 0.7%, to US$67.14 per barrel, while U.S. West Texas Intermediate (WTI) crude slipped 48 cents, or 0.8%, to $63.49.
The declines follow a more than 2% slide in the previous session.
Eight members of the Organization of the Petroleum Exporting Countries and their allies, collectively known as OPEC+, are set to meet on Sunday to discuss October output targets.
Two sources familiar with the matter told Reuters that further production increases are under consideration as the group looks to consolidate market share.
OPEC+ has already agreed to raise output targets by about 2.2 million barrels per day between April and September, alongside a 300,000 bpd quota boost for the United Arab Emirates.
Traders are also watching U.S. crude inventory data expected later on Thursday, delayed by a public holiday earlier in the week.
Industry figures from the American Petroleum Institute (API) showed crude stocks rising by 622,000 barrels in the week ended August 29, compared with analyst expectations for a 3.4 million barrel drawdown.