Oil Prices Fall After OPEC+ Boosts September Output by 547,000 Barrels; Brent Near $69, WTI $66.50, Goldman Sachs Forecasts $56 in 2026

Oil prices declined following OPEC+'s decision to increase crude output by 547,000 barrels per day in September. Brent crude fell nearly 0.9% to around $68.70 per barrel, dipping below the $70 mark, while West Texas Intermediate (WTI) crude dropped nearly 1% to below $66.50 per barrel. The output hike has raised concerns about potential oversupply later this year, contributing to the price drop. Goldman Sachs maintained its Brent crude price forecast at $56 per barrel for 2026, citing rising inventories in OECD countries and indicating that OPEC+ may pause future production increases amid these stockpile expansions. The firm's outlook for the fourth quarter of 2025 sees Brent averaging $64 per barrel, reflecting ongoing uncertainties related to policy and geopolitical factors.