08:56 AM EDT, 10/03/2025 (MT Newswires) -- Oil edged higher early Friday after hitting a near five-month low, ahead of an OPEC+ ministers' meeting this weekend that could deliver another large output increase.

West Texas Intermediate (WTI) crude oil for November delivery was last seen up US$0.22 to $60.70 per barrel, rising off the lowest since May 9, while December Brent oil was up $0.22 to $64.33.

WTI oil has fallen 8% so far this week, falling off the tight range near $65.00 it has stuck to since early August. The drop has come following a report OPEC+ is considering raising member production quotas by 500,000 barrels per day next month when its ministers meet this weekend, adding to the more than 2.3-million bpd it has returned to market this year.

"Crude oil is heading for a steep weekly loss ... with Brent breaking below recent support at USD65. The focus now shifts to Sunday's OPEC+ meeting, where another production increase may further stoke oversupply concerns. Oil-on-the-water has already risen toward a 10-year seasonal high, underscoring the current imbalance," Saxo Bank noted.

The hikes are already pushing supply above demand, with major forecasting agencies expected stocks to continue to rebuild for the remainder of this year and into 2026, suppressing prices as OPEC+ looks to regain market share from Western Hemisphere producers with higher production costs.

Risks to supply are still supporting prices as Ukrainian attacks on Russian oil infrastructure continue. Ukraine has attacked 21 of Russia's 38 large refineries since the start of the year, according to a BBC report, as it looks to cut fuel supplies to its adversary's military and lower the country's profits from exports of crude oil and refined products.