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WTI crude oil for October delivery was last seen trading at $ 0.58 (or 0.93%) to $ 63.27 per barrel.
In its virtual meeting last Sunday, the cut began to open 1.65 million barrels per day in the cut before the schedule, OPEC+ Alliance opted to further increase oil production by 137,000 BPD in October.
If this month was to be repeated in the month, after one year, the second installment will be abolished. The coalition had already abolished a 2.2 million barrels of these voluntary cuts a month ago.
Traders feel that the benefits made in Chinese inventions so far soaked the surplus from the markets.
In the fourth quarter of 2025, the demand for oil is expected to be soft. The International Energy Agency had estimated Q4 Glute up to 3.1 million BPD.
On the geo -political front, Russia continued its war against Ukraine, ignoring peace calls. Strictnessing its position against Russia, US President Donald Trump yesterday called Russia a “aggressive”, which refers to the murder of 8,000 soldiers on both sides alone alone.
In the weekend, Ukrainian drone set Kirishi Oil Refinery in the northwest (one of the largest in Russia) of Russia. The refinery refines about 17.7 million metric tonnes (35,000 barrels per day) or 6.4% of the country’s total per year of Russian crude.
While we call to call us to strengthen heavy sanctions on Russia, tomorrow Trump agreed to go ahead, provided that the US was matched by purchasing Russian oil in Europe.
If the US and Europe shake hands against Russia, it can turn the supply of Russian oil into a market.
Trump imposed 25% of “penalty tariffs” against India, a prominent buyer of Russian oil, alleging that money from India-Russia oil trade helps Russia in its military operations. However, India’s oil imports from Russia increased to about $ 3.4 billion in August.
Last week, the Israeli defense forces launched an aerial attack in Doha, Qatar, targeting Hamas leaders. Qatar has vowed to respond to the Israeli attack firmly.
Expressing solidarity with Qatar, an emergency summit of the Arab League and an organization of Islamic Cooperation (OIC) took place in Doha.
However, Israel confirmed that it would hunt Hamas leaders “everywhere”. US State Secretary Marco Rubio promised that the US would expand “unwavering support” for Israel.
The Middle East situation is currently tense but calm.
In Europe, the unqualified that has raised the concerns of the supply side for crude oil and in the Middle East has raised the concerns of the supply side.
In the US, the much awaited monetary policy meeting of the US Federal Reserve is scheduled to begin tomorrow. The markets have cut a 25-base-point rate. Note, Trump has clearly asked the US Fed Chair Zerome Powell to cut “big”.
Crude oil is an object with a dollar-sect. Any decision at the interest rate by the US Fed will affect US dollars and eventually crude oil prices.
The idea and opinion expressed here are the idea and opinion of the author and not necessarily Nasdac, Inc.
