Oil prices fell towards a third monthly loss with the rise of the dollar and an increase in global supply

Oil prices fell today, Friday, heading towards incurring losses for the third month in a row, as the rise of the US dollar limited the gains of primary commodities, while rising production from major global producers reduced the impact of Western sanctions on Russian exports.

Brent crude futures fell 33 cents, or 0.51 percent, to $64.67 per barrel, while US West Texas Intermediate crude fell 35 cents, or 0.58 percent, to $60.22 per barrel.

The two benchmarks are heading for a loss of about three percent during October, amid expectations that global supply growth will exceed demand growth this year, with OPEC and its allies outside the organization seeking to increase production with the aim of enhancing market share.

The increased supply is expected to mitigate the impact of Western sanctions that have led to a decline in Russian oil exports to its largest buyers, China and India. Sources reported that the OPEC+ alliance is leaning towards a modest increase in production during December, and will hold a meeting next Sunday.