Oil prices rise amid geopolitical tensions and expectations of OPEC+ decision

On Tuesday, global oil prices rose to 3% amid geopolitical risks and expectations of the OPEC+ meeting. November Brent futures added 1.6% to $69.43 per barrel, exceeding the $69 mark for the first time since August 25. October contracts for WTI rose by 2.73% to $65.76.

Investors are waiting for the meeting of the G8 of OPEC+ volunteers, scheduled for September 7. Decisions on production quotas can significantly affect price dynamics.

An additional factor of influence is the US policy towards Russian oil. In particular, India is facing new tariffs: at the end of August, Donald Trump increased duties on Indian imports to 50% after the failure of trade negotiations and a sharp increase in Russian oil supplies to the country – from less than 1% to 42% from 2022.

«The main support for oil quotes now comes from the geopolitical premium. The market is no longer counting on a quick end to the conflict between Russia and Ukraine,» said Arne Lohmann Rasmussen, chief analyst at A/S Global Risk Management.