08:46 AM EDT, 09/30/2025 (MT Newswires) -- Oil prices weakened for a second day early Tuesday, falling to a three-week low as the market focuses on supply hikes that are likely to raise production above demand.

West Texas Intermediate crude oil for November delivery was last seen down US$1.26 to $62.19 per barrel, the lowest since Sept. 5, while November Brent crude was down $1.12 to $66.85.

The drop follows weekend reports that OPEC+ will again raise production in November, with the group mulling another hike of 137,000 barrels per day on Nov. 1, adding to a same-sized hike coming tomorrow and following the return of 2.2-million bpd of production increases that ended Sept.1.

Rising output from the cartel, along with higher production in the United States, Canada and South America, has major forecasting agencies predicting inventories will swell through the rest of 2025 and into the first quarter of next year, pressuring prices.

"Crude oil trades lower for a second session, after Brent met resistance above USD 70 last week, and as attention returns to the OPEC+ alliance, who will meet this Sunday and potentially agree on another, albeit modest, output increase for November that nevertheless will add to concerns about a major glut emerging next year," Saxo Bank noted.

To be sure, high demand from China as it builds a strategic oil reserve and lower output from OPEC+ members compensating for prior over production have limited the impact of rising supply. Continuing Ukrainian attacks on Russia's oil infrastructure have also cut shipments from the No. 2 exporter, keeping prices rangebound.

"After another volatile quarter, the threat of supply disruption has maintained support for oil prices. At the same time, supply additions have also outperformed. As a result, price has been largely frozen in a range, continuing to swing around daily headlines," Brian Leisen, RBC Capital Market's global oil strategist, wrote.