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Oil prices dropped by about one percent on Monday, as the OPEC+ group plans to increase production again in November, which will boost global supplies.
Brent crude futures fell by 63 cents, or 0.90 percent, settling at $69.50 a barrel, after reaching their highest levels since July 31 on Friday.
West Texas Intermediate (WTI) traded at $65.07 a barrel, down 65 cents or 0.99 percent, relinquishing most of its gains.
OPEC and its allies within the OPEC+ group are likely to agree on another increase in crude production of at least 137,000 barrels per day during their upcoming meeting scheduled for next Sunday, driven by rising oil prices and their desire to regain market share.
