Quick overview

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Oil experienced a two-day decline and is expected to fall further this week ahead of an OPEC+ meeting where the group will likely approve another supply increase.
Brent traded near $67 per barrel, while West Texas Intermediate was above $63 after falling more than 3% over the previous two sessions. The alliance will hold a virtual meeting on September 7 to decide its next move following the restart of 2.5 million barrels per day of supply at its last meeting.

Brent crude futures have dropped 11% in 2025, as concerns about a global glut increased due to OPEC+’s policy shift and additional supply from outside producers. Rising concerns about energy demand, partly due to trade tariffs imposed by the Trump administration, have also dampened market sentiment.

According to Tass, Russian Deputy Prime Minister Alexander Novak said that the participating countries had no specific agenda for the upcoming OPEC+ meeting. “We always consider the circumstances at hand.” A U.S. government report showed a buildup in crude oil stocks nationwide, including an 11.6-million-barrel increase at the key Cushing, Oklahoma storage hub—the largest since March.

Geopolitical tensions have been a focus this week, with the U.S. trying to pressure Russian oil buyers to encourage Moscow to agree to a ceasefire in Ukraine. In response, Washington has imposed a 50% tax on several Indian imports.

Reuters reported that President Donald Trump called European leaders, urging them to stop buying Russian oil. Traders elsewhere also monitored developments in South America.

The Pentagon announced that two Venezuelan military planes flew over an American naval ship in international waters off the coast, marking a new confrontation after the U.S. attacked a speedboat suspected of transporting drugs from Venezuela.