09:16 AM EDT, 09/04/2024 (MT Newswires) -- Oil prices fell to a nine-month low early on Wednesday, weakening from overnight highs that came after reports OPEC is reconsidering plans to restore 180,000 barrels per day of 2.2-million bpd of voluntary production cuts beginning next month.

West Texas Intermediate crude oil for October delivery was last seen down US$0.47 to US$69.87 per barrel, the lowest since Dec.13, after earlier rising to US$71.46. November Brent crude was down US$0.47 to $73.28.

The drop follows on losses of more than 4% on Tuesday after economic data showed slowing manufacturing in China and the United States amid already slack demand ahead of the expected supply additions from OPEC.

However reports said OPEC is reconsidering its plan to return barrels to the market. Quoting unnamed sources, Reuters reported the cartel may delay the additional supply. The group has said plan to gradually restore the voluntary cuts depends on market conditions.

"We could make the case that the prudent course of action would be to wait for December before hitting the play button on the taper given the resurgent demand concerns. While the APAC region was supposed to carry

a majority of the growth this year, China's underperformance has dented 2024 growth projections," Helima Croft, Head of Global Commodity Strategy and MENA Research at RBC Capital Markets, said in a Monday note.

The drop comes even as Libya supply remains constrained, as 0.7-million bpd of exports are shut in amid a fight between the country's two competing governments over control of the central bank and oil revenue.