Oil prices extended Tuesday’s losses to hit their lowest level of 2024 ealr Wednesday. The drop comes amid fears of oversupply as reports suggest Libya will soon restart production.West Texas Intermediate crude,

The increases were part of a plan to gradually return a broader 2.2 million barrels per day of supply to the market over the following months.

If demand growth does disappoint OPEC's expectations, where does that leave the producer group and its allies within OPEC+ as far as output policy goes. The short-term option is to try and surprise the market by abandoning the commitment to ease production curbs from October.

Oil prices on the fuel exchange in New York continue to decline after a 'solid' sell-off during the previous session—by almost 5%. Brokers report that concerns about a potential oversupply of this commodity are increasing while the demand for fuels is weakening.

Oil prices extended their previous session's losses on the back of Libya's oil production coming back online and a persistent weak demand in China.

Oil prices fell in choppy trading on Wednesday after sources from OPEC+ told Reuters the producer group was discussing delaying a planned output increase in October, amid demand concerns and a possible return of Libyan production.