09.09.202501:16:34UTC+00Oil Extends Gains

On Tuesday, WTI crude oil futures advanced to $62.4 per barrel, marking a continuation of the previous session's gains. This rise came on the heels of OPEC+'s modest increase in output and amid worries about potential further sanctions on Russian oil. On Sunday, OPEC+ committed to a production increase of 137,000 barrels per day (bpd) from October, significantly less than the earlier monthly increases of approximately 555,000 bpd for September and August, and 411,000 bpd in July and June. This modest increment reflects the group's cautious approach in light of an anticipated market surplus. Concurrently, U.S. President Donald Trump issued a warning of stricter sanctions against Russia following its most intense aerial bombardments in Ukraine since the onset of the conflict. Such additional sanctions against Russian crude could disrupt global oil supply chains. Nevertheless, the upward momentum in oil prices was checked after Saudi Arabia, the world's leading crude exporter, announced a reduction in prices for all its crude grades to Asian customers for October deliveries, indicating weaker demand.