Crude oil prices edged lower on Tuesday, as traders awaited the outcome of the upcoming OPEC+ meeting that is expected to set the tone for global supply dynamics in the final quarter of 2025.
Brent crude fell 0.30% to $68.93 per barrel, West Texas Intermediate (WTI) slipped 0.27% to trade at $65.41 per barrel. Murban crude also recorded a minor dip of 0.03%, settling at $71.95 per barrel. Natural gas prices weakened further, dropping 0.40% to $2.997 per MMBtu.
OPEC+ Meeting in Focus
Market attention focuses on OPEC+ members as they prepare to decide whether to extend existing production quotas or impose new cuts. Analysts suggest a rollover of current agreements is the most likely outcome, aimed at stabilising markets amid modest global demand growth.
“Traders are holding back big bets ahead of the OPEC+ decision, with most expecting production policy to remain unchanged,” said one London-based commodities strategist. “This has created a relatively tight trading range.”
Gold Hits Record High
While crude markets tread cautiously, gold surged to an all-time high above $3,500 per ounce. Growing speculation about a September U.S. interest rate cut drove the rally. Federal Reserve, a weaker dollar, and rising geopolitical tensions. The precious metal has now gained more than 30% in 2025.
Global Energy Developments
Beyond oil futures, several key developments are shaping sentiment in global energy markets:
- Ecopetrol Eyes Expansion: Colombia’s national oil company is considering the acquisition of Canacol assets, which represent nearly 20% of the country’s gas supply.
- Mozambique LNG Project: TotalEnergies’ $25 billion gas project may finally see its force majeure lifted following security reinforcements in Cabo Delgado.
- Sudan Oil Shutdown: Drone strikes forced Sudan to halt production in the Heglig basin, curtailing around 30,000 barrels per day of output.
- Russia–China Gas Pact: Gazprom and CNPC approved construction of the Power of Siberia-2 pipeline, potentially adding 50 bcm of gas exports to China annually, though pricing remains unresolved.
- U.S. Sanctions Move: Washington imposed sanctions on Iraqi businessman Waleed al-Samarra’i, accused of using a tanker network to disguise Iranian crude exports.
Outlook
With Brent trading just under the $70 threshold, markets are expected to remain subdued until OPEC+ provides clarity on production. Broader factors including U.S. monetary policy, China’s currency strength, and geopolitical flashpoints in the Middle East and Africa are likely to determine the direction of crude prices in the weeks ahead.