08:53 AM EDT, 09/05/2025 (MT Newswires) -- Oil prices fell for a third straight session early Friday on signs of slowing demand and weak US economic data, while reports suggest OPEC+ may raise production to defend market share.

West Texas Intermediate for October delivery dropped $0.75 to $62.73 a barrel, while November Brent oil fell $0.71 to $66.28.

The decline followed Thursday's US inventory report showing a surprise 2.4-million-barrel build in commercial crude stocks. Demand is also expected to ease after the Sept. 1 end of the summer driving season.

It comes amid signs of a slowing U.S. economy. The Bureau of Labor Statistics said US employers added just 22,000 jobs last month, well below the 75,000 expected by analysts polled by FactSet, underscoring slowing economic momentum.

Reuters reported OPEC+ may decide Sunday to return 1.65 million barrels per day of production cuts to the market when setting October quotas. The group already restored 2.2 million bpd of supply on Sept. 1 with a final 548,000 bpd increase.

"More worrying and really suppressing the fate of unrefined grades is the now market belief that on Sunday, at the OPEC+ monthly meeting, another 1.65 million bpd of supply on hold that had formerly been expected to be introduced next year, will now be brought forward. This of course is based around 'sources' close to OPEC, but the recent modus operandi of the cartel is to leak bad news first and ready the market," PVM Oil Associates said.