OPEC set to increase production from October
Libya resumes some output to meet domestic needs
China manufacturing activity slowed in August

Sept 2 Reuters Oil prices extended losses on Monday on expectations of higher OPEC production from October while signs of sluggish demand in China and the United States raised concerns about future consumption growth.

Brent crude futures were down 21 cents, or 0.3, at 76.72 a barrel by 0815 GMT while U.S. West Texas Intermediate crude slipped 14 cents, or 0.2, to 73.41.

Brent and WTI had lost 1.4 and 3.1 respectively on Friday.

With momentum skewed to the downside, there is a real risk that prices could revisit a range at multimonth lows, said Chris Weston, head of research at brokerage Pepperstone.

The Organization of the Petroleum Exporting Countries OPEC and its allies, together known as OPEC, is set to proceed with planned increases to oil output from October, six sources from the producer group told Reuters.

Eight OPEC members are scheduled to boost output by 180,000 barrels per day bpd in October as part of a plan to begin unwinding their most recent layer of supply cuts of 2.2 million bpd while keeping other cuts in place until the end of 2025.

There are fears for an even larger jump in production, which could tilt the demandsupply balance even more negatively and apply stronger downside pressure to prices, said Achilleas Georgolopoulos, investment analyst at brokerage XM.

These stronger production increases could…