Oil rises amid fears of additional sanctions on Russia

Oil prices rose following OPEC+ meeting

Oil prices rose today, Sept. 9, after OPEC+ decision to increase production fell short of some analysts' expectations, and amid growing concerns about the possibility of new US sanctions on Russia.

At the close of trading, Brent crude futures for November delivery rose 0.79%, or 52 cents, to $66.02 a barrel.

WTI crude futures for October delivery rose 0.63%, or 39 cents, to $62.26 a barrel.

In its meeting on Sept. 8, OPEC+ approved a new increase in oil production of 137,000 barrels per day, starting in October. This is significantly lower than previous increases of approximately 555,000 barrels in August and September, and 411,000 barrels in July and June.

Analysts believe the impact of this increase will be relatively limited, given that some members have already exceeded their production quotas, meaning that part of the increase is already available in the market, Reuters reported.

On the other hand, experts signal fears of Washington imposing new sanctions on Moscow to support prices, as US President Donald Trump announced that he is ready to move to the "second phase" of sanctions on Russia.