Oil prices fall with expected weaker demand, possible peace deal

Oil prices fell on Friday as traders looked toward weaker demand in the U.S., the world's largest oil market, and possible behind-the-scenes moves towards a deal for a ceasefire in Ukraine.

Brent crude futures for October delivery , which will expire on Friday, were down 48 cents, or 0.7%, at $68.14 by 10:18 a.m. CDT (1518 GMT), while the more active contract for November was down 52 cents, or 0.76%, at $67.46.

West Texas Intermediate crude futures were 56 cents, or 0.87%, lower at $64.04.

The market was in part shifting its focus toward next week's OPEC+ meeting, said Tamas Varga, analyst at PVM Oil Associates.

Crude output has increased from the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, as the group has accelerated output hikes to regain market share, raising the supply outlook and weighing on global oil prices.