WTI crude futures settle at $63.97 per barrel, down $1.62 or 2.47%.

WTI crude futures settle at $63.97 per barrel, down $1.62 or 2.47%.

WTI crude futures settled at $63.97 per barrel on September 2, 2025, marking a decrease of $1.62 or 2.47% from the previous close of $65.59. The day's trading volume was 249,405 barrels, with the day's high at $65.72 and the day's low at $63.72. The 10-day average trading volume was 171,197.33 barrels, and open interest stood at 283,324 contracts [1].

The decline in WTI crude prices can be attributed to several factors. Firstly, the OPEC+ meeting scheduled for Sunday is expected to discuss further production hikes, which could increase global supply and put downward pressure on prices [2]. Additionally, the U.S. administration's new sanctions targeting Iran's oil revenue stream have contributed to market uncertainty [3].

Furthermore, Ukrainian drone attacks on Russian oil infrastructure have disrupted Russia's oil processing capacity, accounting for at least 17% of its total processing capacity, or 1.1 million barrels per day. While repairs are underway, analysts predict that the impacts could last into October [3]. The Trump administration's sanctions on Indian goods due to continued purchases of Russian crude have also indirectly pressured Russia's oil consumers, further adding to market volatility [3].

The U.S. Treasury Department's sanctions on a network of shipping companies and vessels for smuggling Iranian oil disguised as Iraqi oil have also supported crude prices by reducing the availability of Iranian oil in the market [3].

As key members of OPEC+ prepare for their meeting, the market is closely watching for any indications of a change in production policy. The cartel is widely expected to maintain production targets unchanged after unwinding 2.2 million barrels per day of production cuts between [2].

References:
[1] https://www.cnbc.com/quotes/@CL.1
[2] https://www.investing.com/commodities/crude-oil
[3] https://seekingalpha.com/news/4491484-crude-oil-climbs-on-russian-supply-disruption-risks