Oil Trades Near One-Month High as Focus Turns to OPEC+ Meeting

A pumpjack near Crane, Texas. Photographer: Justin Hamel/Bloomberg

(Bloomberg) -- Oil climbed to its highest level in almost a month, aided by technical buying ahead of an OPEC+ meeting later in the week.

Brent rose above $69 a barrel for its fourth gain in five days. Trend-following Commodity Trading Advisors have been steadily buying crude over the last few weeks, helping push prices higher, according to Nicky Ferguson, head of analytics at Energy Aspects Ltd. Their purchases are likely to continue for a few more days, he said.

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OPEC+ will hold a meeting this weekend to decide on output for October. Most market watchers expect that the group will opt to keep supplies steady.

Russian flows are also in focus amid US efforts to pressure Moscow to make peace in Ukraine by targeting India, a top importer of its crude. Treasury Secretary Scott Bessent said Washington would look at sanctions on Russia this week.

Global crude benchmark Brent has largely been confined between $65 and $70 a barrel in recent weeks, with prices about 8% lower this year. There are widespread concerns about a looming surplus after OPEC+ opted at earlier meetings to relax supply curbs in a bid to reclaim market share, and as the US-led trade war risks crimping energy demand.

“Sentiment in the oil market is shifting from very negative to more neutral,” said Arne Lohmann Rasmussen, chief analyst at A/S Global Risk Management. “The main support for oil prices is the geopolitical premium. No one believes anymore that a peace deal between Russia and Ukraine is imminent.”

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