Expectations that the OPEC and its allies will start unwinding voluntary output curbs of 2.2 million barrels a day starting from December is adding to market nervousness.

OPEC+ is set to go ahead with a December oil output increase as its impact will be small should a plan for some members to make larger cuts to compensate for overproduction be delivered in September and later months,

Separately, the Organization of Petroleum Exporting Countries (OPEC), and its allies, a group known as OPEC+, are currently cutting oil output by a total of 5.86 million bpd but it plans to reverse 180,000 bpd of those cuts in December.

WTI futures traded at $67.30 per barrel, as of 9 a.m. ET. Year to date, WTI prices are down by 8.36%. Brent futures traded at $70.78/bbl, a drop of 0.84% in the last 24 hours. Year to date, Brent prices are down by 10.

Oil prices fell more than 3% on Thursday on a Financial Times report that Saudi Arabia, the world's top crude exporter, will give up its $100 price target in preparation for raising output, along with OPEC members and allies in December.

Oil futures edged higher in Friday dealings but remained on track for a weekly loss on expectations OPEC+ will boost production before year-end, as investors cast doubt on whether an aggressive round of monetary stimulus from China will shore up demand from the world’s largest crude importer.

A report that Saudi Arabia would ditch its unofficial crude price target sent crude oil prices sharply lower on Thursday. According to sources that spoke with the Financial Times, the kingdom will no longer seek a $100 per barrel price and is instead ready to increase oil output.

Oil prices turned sharply lower Thursday, on waning hope that supply cuts from the OPEC+ cartel and Chinese economic stimulus would juice the market. Most actively traded futures for benchmark U.S. crude recently traded around $67 a barrel,