08:43 AM EDT, 10/31/2025 (MT Newswires) -- Oil prices edged lower early Friday ahead of a weekend OPEC+ meeting likely to end with another production hike into an already over-supplied market.

West Texas Intermediate crude for December delivery was last seen down US$0.19 to $60.38 per barrel, while December Brent crude was down $0.19 to $64.81.

The drop comes ahead of OPEC+'s ministerial meeting that is expected to end with a second quota monthly hike of 137,000 barrels per day, coming after the cartel completed the return of 2.2-million bpd of production cuts on Sept. 1. The group's supply hikes have come amid slowing demand growth as the global economy falters amid U.S. trade wars.

"Oil is headed for a third monthly drop amid glut concerns, with OPEC+ poised to approve another supply increase this weekend. WTI slid toward $60, down over 3% for the month, while Brent hovered near $65. The group meets on Sunday and is expected to restore more halted capacity to regain market share," Saxo Bank wrote.

Still, support is coming from robust U.S. demand, with the Energy Information Administration reporting this week that U.S. commercial crude inventories fell by a larger-than-expected 6.9 million barrels last week, leaving stocks about 6% below the five-year average.

Still, global inventories are on the rise, with both the EIA and the International Energy Agency this month warning demand is likely to remain under supply through 2026, pressuring prices.