India, Sept. 3 -- Crude oil prices fell sharply on Wednesday amid increasing concerns of oversupply due to reported plans by OPEC+ to boost output that will be decided in their upcoming meeting on Sunday.
WTI Crude Oil for October delivery was last seen trading down by $1.65 (or 2.52%) at $63.94 per barrel.
The OPEC+ alliance is in the process of re-claiming market share. The alliance, which pumps about half of the world's oil needs, has already reversed output cuts from April.
Eight OPEC+ countries are meeting on Sunday to decide on October output. It is widely reported that another output hike is in the offing though some traders believe that the group could also opt to pause increases in October.
Traders, however, concerned about mar...