28.10.202501:03:38UTC+00Oil Ticks Down on OPEC+ Plan to Raise Output

WTI crude oil futures declined to $61.1 per barrel on Tuesday, marking the third consecutive session of losses. This downturn is driven by growing trader concerns about a potential supply surplus following hints from OPEC+ regarding another potential production increase. The organization appears poised to approve a modest production boost for December when it convenes on Sunday, as Saudi Arabia aims to reclaim its market share. Contributing further to the pessimistic outlook, there is speculation that US sanctions on Russian oil giants Rosneft and Lukoil may be less stringent than anticipated. Insiders suggest that Washington's approach is to make Russia's oil trading more costly and risky without causing a significant surge in prices. These developments have overshadowed the optimism surrounding US-China trade talks, especially after senior representatives from both countries agreed on the framework of an agreement. This is set to be discussed in more detail by President Trump and President Xi during their much-anticipated meeting in South Korea on Thursday.