Oil: Brent Falls Due to OPEC+ Plan to Increase Production

The OPEC+ group is leaning towards a modest increase in production during its meeting on Sunday, as Saudi Arabia seeks to regain market share. This bearish sentiment has intensified following analysts' observations that U.S. sanctions against Russian oil giants Rosneft and Lukoil may be less severe than anticipated. Sources close to the matter have indicated that Washington's strategy aims to make trade with Russia more costly and risky without triggering another spike in prices. These factors have overshadowed optimism regarding trade negotiations between the United States and China. High-level officials from both sides have agreed on a framework for a deal, which is expected to be finalized by Presidents Trump and Xi during their highly anticipated meeting in South Korea on Thursday. As a result, Brent crude continued its decline, dropping 0.7% to $65.30 per barrel, marking a third consecutive session of losses.