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Crude oil prices fall as OPEC+ signals possible production boost
Crude oil prices took a dip this Thursday morning, with both global and Indian futures falling slightly.
The drop comes as OPEC+—the group that pumps about half the world's oil—signals it might pump out even more oil soon.
US crude stockpiles unexpectedly rose last week
OPEC+ is meeting this Sunday and could decide to boost production in October, after already raising output by 2.2 million barrels per day since April.
At the same time, US crude stockpiles unexpectedly went up last week, adding extra pressure on prices.
With more oil possibly hitting the market, traders are watching developments closely.