08:53 AM EDT, 10/01/2025 (MT Newswires) -- Oil prices weakened for a third day early Wednesday following a report saying OPEC+ is mulling an outsized production increase in November, while U.S. inventories fell last week.

West Texas Intermediate (WTI) crude oil for November delivery was last seen down US$0.34 to $62.03 per barrel, the lowest since Sept. 5, while December Brent crude was down $0.26 to $65.77.

The drop comes as Reuters reported OPEC+ is considering raising its production by 500,000 barrels per day on Nov. 1 as it returns quota cuts to the market, following the full return of 2.2-million bpd of cuts on Sept. 1, with an additional 137,000 bpd of output coming today.

OPEC+, led by Saudi Arabia, is looking to reclaim market share lost to producers in the United States, Canada and South America, even as its production hikes boost supply over demand and are likely to push prices down from the tight range they have stuck within since early August.

"Bearish supply surprises have continued in Q3, with notable strength in US implied supply, a renewed OPEC push, and broad-based resilience. As a result, our near-term balances now appear even more bearish than what we had previously characterized as "cartoonishly" oversupplied. All told, we now model 2025 supply growth of 3.0 MBD, which compares to estimated demand growth of 0.7 MBD," Macquarie Group's commodity strategy team said.

Macquarie also cut its estimate for 2025 average WTI oil prices to $64.00 per barrel from $67.00 and lowered its 2026 forecast to $57.00 from $60.00.

Still, U.S. inventories have not yet shown any sizeable increases despite the rising output. In its weekly survey, the American Petroleum Institute on Tuesday said U.S. oil stocks fell by 3.67-million barrels last week, the third-straight weekly drop.

The Energy Information Administration will release official inventory data later on Wednesday morning. The agency said it expects to continue normal operations until further notice despite the partial shutdown of the U.S. government that began at midnight.