Oil Drifts as Traders Wait for OPEC+ and Next US Move on Russia

Bloomberg.com · last updated September 1, 2025 – 6:06 PM

Oil drifted as traders waited for fresh catalysts to move prices out of what’s been a relatively narrow band, with attention on an upcoming OPEC+ meeting and US moves on Russian supplies.

West Texas Intermediate traded near $65 a barrel, about 1% higher than Friday’s close, after a US holiday on Monday. Brent closed above $68. OPEC+ will hold a meeting this weekend to decide on output, and market watchers are divided over the likely outcome, with 17 expecting no change, while six see a modest increase, according to a Bloomberg survey.

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