Oil Prices Take Tumble After OPEC+ Production Hike Speculation

Oil prices experienced a significant drop on Wednesday following news that the OPEC+ alliance may increase production again in October. Brent crude fell by $1.54 to close at $67.60 per barrel, while U.S. West Texas Intermediate (WTI) dropped $1.62, reaching $63.97. This marks a 2.23% and 2.47% decline respectively. The potential for production increases has sent shockwaves through the market.