Oil prices edge higher ahead of OPEC+ meeting and U.S. pressure on Russia

Oil prices inched up on Tuesday as traders awaited new catalysts to move the market beyond its narrow trading range, with attention centered on this weekend’s OPEC+ meeting and U.S. efforts to curb Russian crude exports.

Brent crude rose toward $69 a barrel after the November contract gained 1% in the previous session, while West Texas Intermediate held near $65. The OPEC+ alliance is scheduled to decide October production policy at its upcoming meeting, and most analysts expect output levels to remain unchanged.

Russian supply remains in focus as Washington ramps up pressure on Moscow by targeting India, one of Russia’s largest oil buyers. Indian Prime Minister Narendra Modi pushed back during a cordial meeting with President Vladimir Putin on Monday, even as U.S. Treasury Secretary Scott Besant signaled that Washington would review sanctions this week.

Oversupply fears cap gains

Brent has been trapped between $65 and $70 a barrel in recent weeks, down about 8% since the start of the year. Concerns of oversupply have mounted as OPEC+ has eased output restrictions to claw back market share, while U.S.-led trade tensions weigh on global demand.

Ukrainian strikes on Russian energy facilities have provided some price support, but fading prospects of tougher U.S. sanctions have limited gains. At the same time, persistent fears of a supply glut continue to cap upside momentum.

Markets are also watching U.S.–India trade frictions after Washington imposed a 50% tariff on Indian purchases of Russian crude last week. Trump said India had offered to cut its tariffs to zero, though details remain unclear. The U.S. president is set to deliver a speech later Tuesday, without disclosing the topic.