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Oil settles lower as OPEC plans to increase oil output
Summary
OPEC+ leaning towards making another modest increase in oil output for December
US President Trump, Chinese counterpart Xi Jinping are due to meet on Thursday
Iraq's oil exports unaffected by Zubair oilfield fire
HOUSTON, Oct 27 (Reuters) - Oil prices settled marginally lower on Monday as OPEC's plans to increase oil output once again outweighed hopes of a trade deal framework between the U.S. and China and renewed U.S. sanctions on Russia.
Brent crude futures were down about 32 cents, or nearly 0.5%, at $65.62 a barrel, while U.S. West Texas Intermediate crude futures closed 19 cents or 0.3% lower at $61.31. Both contracts fell around 1% in early trade.
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