Oil prices drop more than 3% as OPEC plans for oil output hike

HOUSTON (Reuters) -Oil prices fell by nearly 3.5% on Monday as OPEC plans for another increase to oil output in November and the resumption of oil exports by Iraq’s Kurdistan region via Turkey raised the global supply outlook.

Brent crude futures dropped $2.42, or 3.5%, to $67.71 a barrel by 11:33 a.m. ET (1533 GMT) after settling at their highest since July 31 on Friday. U.S. West Texas Intermediate crude was down $2.42, or 3.7%, at $63.32.