Oil Extends Drop on Signs of OPEC+ Output Boost and China Woes.

Oil prices are falling due to indications that OPEC+ will increase production in October and concerns about economic challenges in China. Brent crude dropped to around $76 per barrel after a 2% decline on Friday, while West Texas Intermediate traded near $73. Chinese data revealed a contraction in factory activity for the fourth consecutive month in August, along with a deepening residential slump. These factors, along with expectations of ample supply and economic headwinds, have contributed to the decline in oil prices. OPEC+ has the option to adjust its output hikes if necessary, but concerns about Chinese demand persist. [Extracted from the article]