New york: Oil prices fell by more than two percent at settlement today, ahead of an OPEC+ producers' meeting early next week, which is expected to discuss a new increase in production targets for October.

According to Qatar News Agency, Brent crude dropped by $1.54, or 2.23 percent, to $67.60 a barrel at settlement. Meanwhile, US West Texas Intermediate (WTI) crude fell by $1.62, or 2.47 percent, to $63.97 a barrel at settlement.

The new increase would mean that OPEC+, which pumps about half of the world's oil supplies, would begin phasing out the second tranche of production cuts worth about 1.6 percent of global demand. The move comes a year ahead of schedule.

The group had already agreed to raise its production target by about 2.2 million barrels per day between April and September, in addition to increasing the UAE's share by about 300,000 barrels per day.

Weak economic data, which typically weighs on oil demand expectations, also pressured oil prices. Data from the US Department of Labor today showed that job openings, a measure of labor market demand, fell more than expected to 7.181 million in July.