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Oil prices edged higher on Tuesday after OPEC+ announced a smaller-than-expected production increase, while growing speculation about new sanctions on Russia added further support.
Brent crude rose 22 cents, or 0.33%, to $66.24 a barrel at 0005 GMT, while U.S. West Texas Intermediate (WTI) gained 24 cents, or 0.39%, to $62.50. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed to raise production in October by 137,000 barrels per day. This is significantly lower than the recent monthly increases of 555,000 bpd in August and September, and 411,000 bpd in July and June, surprising analysts who had anticipated a larger boost.
According to ANZ senior commodity strategist Daniel Hynes, the move signals a reversal of cuts initially planned to last until 2026, following the swift return of previously idled barrels. The restrained output increase comes at a time when supply concerns are already elevated due to geopolitical tensions.
Market sentiment was further lifted by prospects of fresh sanctions on Russia. The measures are under discussion after Russia launched its largest airstrike on Ukraine, igniting a government building in Kyiv. U.S. President Donald Trump indicated readiness to advance to a second phase of restrictions, while the European Union’s top sanctions official visited Washington to coordinate what could be the first joint U.S.-EU measures since Trump’s return to office. Any further sanctions are expected to curb Russian oil exports, tightening global supply and supporting higher crude prices.
Meanwhile, the U.S. Federal Reserve’s upcoming Federal Open Market Committee meeting has traders pricing in an 89.4% chance of a quarter-point rate cut. Lower borrowing costs could boost economic growth and energy demand, providing additional tailwinds for oil prices.
