Oil Prices Edge Higher Ahead of OPEC+ Meeting and US-Russia Tensions

Highlights:

• Brent crude traded near US$69 and WTI around US$65 at the time of writing, with prices stuck in a narrow US$65–US$70 range.
• OPEC+ meeting this weekend expected to keep October output steady, as traders await fresh supply cues.
• US pressure on Russian oil flows and India’s resistance keep geopolitical risks in focus, while fears of a surplus cap gains.

Prices Hold in a Narrow Range

Global crude prices moved slightly higher as traders awaited fresh signals from both supply and geopolitical fronts. At the time of writing, Brent crude traded near US$69 per barrel after gaining 1% in the previous session, while West Texas Intermediate (WTI) hovered close to US$65 per barrel. The upcoming OPEC+ meeting this weekend is expected to be a key driver, with most analysts predicting

the alliance will maintain its current production levels for October.

Focus on Russia and US Sanctions

Russian crude flows remain under close watch as Washington explores additional sanctions aimed at curbing Moscow’s revenues amid the war in Ukraine. The United States has urged India, one of Russia’s largest buyers, to cut imports. However, New Delhi has pushed back, with Prime Minister Narendra Modi and President Vladimir Putin holding cordial talks earlier this week. Meanwhile, US Treasury Secretary Scott Bessent indicated that Washington may unveil new measures against Russian oil later this week, though details remain unclear.

Market Outlook and Investor Sentiment

Despite recent gains, crude benchmarks have been trading within a relatively tight band of US$65–US$70 per barrel in recent weeks, down about 8% year-to-date. Analysts warn of a potential supply glut, following OPEC+’s earlier decision to gradually ease production cuts to regain market share, coupled with concerns over slowing global energy demand. “Crude is likely to remain rangebound,” said Vandana Hari, founder of Vanda Insights, noting that Ukrainian strikes on Russian oil infrastructure have prevented sharper declines, while expectations of fresh US sanctions have softened. Traders are now awaiting comments from US President Donald Trump, who is scheduled to speak later today in Washington. Markets are watching closely to see if his remarks touch on oil trade or US-India negotiations.

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