Oil prices trim gains at close as investors assess market outlook

02/09/2025 Argaam

Oil rose amid concerns of supply disruptions

Oil prices pared gains at the close of trading today, Sept. 2, as supply prospects came under review amid continued Ukrainian drone attacks on Russian oil refineries and the OPEC+ meeting on Sept. 7.

 

Brent crude futures for November delivery rose 1.45%, or 99 cents, to close at $69.14 a barrel.

 

WTI crude oil futures for October delivery jumped 2.47%, or $1.58, to settle at $65.59 per barrel.

 

Recent Ukrainian drone attacks have shut down facilities representing at least 17% of Russia's oil processing capacity, or 1.1 million barrels per day, according to Reuters calculations.

 

The US Treasury Department said today that it has imposed sanctions on a network of shipping companies and vessels for their involvement in smuggling Iranian oil.

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