02.09.202501:11:43UTC+00Oil Extends Gain on Supply Disruption Concerns

WTI crude oil futures climbed to nearly $65 per barrel on Tuesday, continuing the upward trend initiated in the previous session, as concerns over potential supply disruptions intensified. Market participants are closely tracking Russian crude movements following Ukrainian strikes on energy facilities, amid European leaders advocating for secondary sanctions. Furthermore, India's reaction to U.S. pressure to cease purchasing Russian oil is being observed keenly. Additional price support came from indications of economic robustness in China, a significant oil consumer, where a recent private survey indicated manufacturing activity expanded at its fastest rate in five months in August, alleviating some immediate demand worries. Despite this, expectations of a supply surplus are tempering additional increases, capping the forecast. Investors are now anticipating the upcoming OPEC+ meeting scheduled for later this week, where the coalition of oil producers will decide on whether to maintain output hikes beyond September.