Oil prices dropped on Wednesday amid volatile trading, following reports from Reuters that OPEC+ was considering postponing a scheduled increase in output for October.

 This move comes in response to concerns about demand and the potential return of Libya oil production.

Brent crude dipped 0.6% to $73.33 per barrel, while US WTI slipped 0.6% at $69.94 per barrel. Both dropped $1 and recovered after to add $1 on Tuesday after 0PEC+ news.

A widespread market decline caused Brent crude futures prices to drop nearly 11%, or around $9, in just over a week, reaching a low of $72.63 on Wednesday.

Disappointing economic data from the U.S. and China intensified ongoing fears of a sluggish global economy and reduced oil demand, triggering a wider downturn in global markets.

At the same time, traders speculated that the ongoing dispute blocking Libyan oil exports might soon be resolved, potentially increasing crude supply.

This created a challenge for OPEC+, which had been expected to go ahead with planned output increases in October. However, the group is now worried about market volatility and is considering delaying these increases.