Overview

• Brent’s October contract settled at $68.12 and WTI at $64.01 on Friday, as traders eyed weaker U.S. post‑summer demand and an autumn supply boost from OPEC+.
• OPEC+ has approved a 547,000 bpd increase effective September 1 and continues unwinding past cuts, with market share seen taking precedence over price support.
• EIA data showed U.S. crude, gasoline, and distillate stocks below five‑year norms, while weekly output was 13.439 million bpd and June’s monthly total hit a record 13.58 million bpd.
• A Reuters poll projects Brent averaging about $67.65 in 2025 and flags a rising risk of surplus due to accelerating OPEC+ supply and lackluster demand growth.
• Geopolitical tension lent a limited floor as Germany and France urged secondary sanctions on Russia, even as floating storage rose 11% to 96.77 million barrels and India’s Russian crude purchases were seen holding up despite U.S. tariff pressure.