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Brent crude oil futures rise 2%, currently at $66.81 per barrel.
ByAinvest
Monday, Sep 8, 2025 5:24 am ET1min read
Brent crude oil futures rise 2%, currently at $66.81 per barrel.
Brent crude oil futures surged by 2% on Monday, reaching $66.81 per barrel. The increase follows a weekend agreement by OPEC+ to raise production at a slower pace from October, as well as concerns about the stability of Russian supplies.The OPEC+ alliance, which includes the Organization of the Petroleum Exporting Countries plus Russia and other allies, decided to increase output by 137,000 barrels per day (bpd) starting in October. This decision comes despite expectations of weaker global demand and a potential looming oil glut in the northern hemisphere winter months [1].
The move by OPEC+ is seen as a response to Saudi Arabia's push to regain market share, while slowing the pace of increases compared to previous months. The latest production hike is significantly lower than the monthly increases seen in September and August, and July and June, which were about 555,000 bpd and 411,000 bpd, respectively [1].
Oil prices initially fell more than 2% last week due to a weak U.S. jobs report, which dimmed the outlook for energy demand. However, the market rebounded on Monday, supported by relief over the modest OPEC+ output hike and a technical bounce following last week's decline [1].
Additionally, concerns about potential new U.S. sanctions on Russia are also lending support to oil prices. The European Union is preparing a fresh package of sanctions aimed at tightening pressure on Moscow, with a focus on oil and finance [2].
The Brent crude oil futures contract for November rose by $0.67 (1%) to $68.15 per barrel on Monday, while the U.S. West Texas Intermediate (WTI) crude futures contract for October increased by $0.9 (1.41%) to $64.91 per barrel [2].
The market's optimism is also driven by the expectation of tighter supplies following the OPEC+ production hike and potential new sanctions on Russia. However, downward pressure is likely to persist as OPEC+ continues to raise production and supplies ease.
References:
[1] https://www.reuters.com/business/energy/oil-prices-climb-opec-agrees-raise-output-slower-pace-october-2025-09-07/
[2] https://report.az/en/energy/brent-crude-oil-price-rises-to-68-43-per-barrel
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