Oil prices rose during Tuesday's trading session on expectations that the actual increase in OPEC+ production for October would be less than planned, and amid continuing concerns about further sanctions on Russian crude.
OPEC+ has been increasing its production since April after years of cuts aimed at supporting the oil market. The decision to increase production for October came despite warnings of an impending oil surplus.
Regarding sanctions, US President Trump stated on Sunday that he was prepared to move to a second phase of sanctions on Russia due to the war in Ukraine.
Brent crude futures for November delivery rose 0.71%, or 47 cents, to $66.49 a barrel at 7:54 a.m. Mecca time, after rising 0.8% at yesterday's settlement.
US crude futures for October delivery also rose 0.72%, or 45 cents, to $62.71 a barrel
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