2025.09.0812:39:56UTC+00Oil Rebounds from 3-Day Drop as OPEC+ Slows Output Hikes

West Texas Intermediate (WTI) crude oil futures rose by 2%, reaching over $63 per barrel on Monday, following a decline over the previous three days. This increase was driven by OPEC+'s announcement of a production increase that was smaller than anticipated, alongside mounting concerns about potential new U.S. sanctions on Russian oil. The coalition agreed to raise oil output by 137,000 barrels per day starting in October. This figure is significantly below the increases of approximately 555,000 barrels per day in both August and September, and 411,000 barrels per day in June and July. Analysts have highlighted that some OPEC+ members are already producing above their quotas, which could limit the real impact on the market. Despite this, the modest increase reflects caution due to fears of a winter market potentially inundated with excess supply. Additionally, geopolitical tensions are exerting upward pressure on prices. Notably, Russia escalated its military actions with its largest air offensive yet in the Ukraine conflict, targeting a government building in Kyiv for the first time. Concurrently, former President Donald Trump announced that some European leaders are expected to visit the United States today or tomorrow to discuss strategies for addressing the Russia-Ukraine crisis.