Oil falls as OPEC+ plan raises concerns of global supply surplus

In a meeting scheduled for Sunday, the Organization of the Petroleum Exporting Countries and allies, including Russia, together known as OPEC+, will likely approve another oil production increase of at least 137,000 barrels per day, three sources familiar with the talks said.

"Although (OPEC+ is) under their quota anyway, the market still does not seem to like the fact that more oil is coming in," Marex analyst Ed Meir said.