Brent crude continues to slide, closes below $73

Oil prices deepened their losses today, Sept. 4, pressured by concerns about weak global demand following a contraction in industrial activity in the world's largest economies, a possible postponement of OPEC+ production increase and expectations of Libyan supplies returning.

Brent crude futures for November delivery dropped 1.4%, or $1.05, to close at $72.70 a barrel.

WTI crude futures for October delivery fell 1.6%, or $1.14, to $69.2 a barrel.

OPEC+ is discussing postponing its decision to abandon voluntary production cut plans, scheduled to take effect in early October, due to the decline in the price of oil to its lowest level in nine months, Reuters reported, citing sources familiar with the matter.

Meanwhile, the American Petroleum Institute's report on oil inventories in the US is expected later today due to the Labor Day holiday, and the US Energy Information Administration is scheduled to release official inventory data on Sept. 5, amid expectations of a 600,000-barrel drop in crude inventories.