Oil dropped more than 2% early Friday after reports suggested OPEC and other supply-cutting countries led by Russia could begin easing output caps.
West Texas Intermediate was down 2.19% to $69.12 per barrel at 8:15 a.m. ET. Brent, the international benchmark, shed 2.22% to $77.06 a barrel. Last week, Brent had topped $80 for the first time since 2014.
Reuters reported overnight that the groups are discussing gradually raising output by around a million barrels per day. The consideration comes after President Donald Trump complained about rising oil prices, a factor that reportedly led OPEC to rethink supply cuts.
