October 03, 2025
Crude oil prices have increased on Friday in the global commodity market ahead of the scheduled October 5 meeting of the Organisation of Petroleum Exporting Countries (OPEC) and allies members (OPEC+)
The rise is price was basically influenced by concerns over the war in Ukraine and the risk of fresh sanctions on Russia, though expectations of an upcoming OPEC+ output also aided it
Brent crude was up 0.7% trading at $64.61 per barrel, as against the previous close of $64.19.
US benchmark West Texas Intermediate, WTI, also increased by 0.7% to $60.89 from $60.48 in the prior session.
Concerns that the US will provide intelligence to Ukraine for long-range missile strikes against Russian energy facilities, have further raised the risk of possible disruptions to refineries and pipelines.
READ MORE; Oil Prices Drop Amidst U.S. Shutdown Countdown
On Thursday, the Group of Seven (G7) finance ministers pledged to step up coordinated economic pressure on Russia over its war in Ukraine, threatening new sanctions and trade measures against Moscow and those helping it circumvent restrictions.
The ministers, in a joint statement issued after a virtual meeting on Oct.1, condemned what they called Russia’s “continued brutal war” and “escalatory actions,” including violations of NATO airspace, intensified attacks on civilians, and damage to Ukrainian government and diplomatic buildings.
Excerpt of the statement read, “Our actions to date, including continued support to the IMF program and the Extraordinary Revenue Acceleration (ERA) Loans, have supported Ukraine’s efforts to withstand Russia’s aggression, and our sanctions have reduced Russia’s revenues.”
Even so, investors are watching the Federal Reserve’s (Fed) next steps, though the closely followed US jobs report is not expected on Friday due to the government shutdown.
READ MORE; Oil Prices Drop Below $66 In Global Commodity Market
Treasury Secretary Scott Bessent warned that the closure could weigh on growth, although markets remain buoyed by hopes that it will be short-lived and that rate cuts are on the horizon.
Expectations that OPEC and its allies will agree to raise output during their meeting this weekend limits further price increase.
Investors are awaiting the Oct. 5 OPEC+ meeting, where Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman are expected to decide November output.
The group had last month agreed to raise production by 137,000 barrels a day in October.
