Brent crude for October delivery, which expired Friday, settled at $68.12, down 50 cents (−0.73%). The more active November contract closed at $67.45, down 53 cents (−0.78%). U.S. West Texas Intermediate (WTI) finished at $64.01, off 59 cents (−0.91%).
Analysts said the market was already looking ahead to next week’s OPEC+ meeting, where members are set to formalize another round of production increases. “We’re going to see a jump in supply feeding into a lackluster demand market,” said Andrew Lipow of Lipow Oil Associates. Seasonal factors added pressure as the U.S. summer driving season ends with Monday’s Labor Day holiday, historically the year’s peak for gasoline demand.
Tariff concerns are also feeding into sentiment. President Trump’s administration has imposed higher duties on many U.S. imports, and analysts worry about the drag on economic growth and future fuel demand. India remains a flashpoint: despite Washington doubling tariffs on its exports, New Delhi has continued to increase Russian crude purchases, taking advantage of steep discounts.
Still, some analysts pushed back against outright bearishness. Phil Flynn of Price Futures Group noted that while OPEC+ supply is slated to rise, the U.S. market has not yet seen additional barrels. He argued that late-summer draws in U.S. crude stocks suggest demand remains resilient, particularly in freight and industrial sectors.
The week’s price action reflected this tug-of-war. Ukrainian drone strikes on Russian oil infrastructure initially lifted prices, but reports of ceasefire discussions among Ukraine’s European allies tempered the upside. Meanwhile, U.S. crude inventories showed larger-than-expected draws for the week ending August 22, reinforcing near-term tightness, even as Baker Hughes reported the oil and gas rig count slipped by one to 538.
With demand seasonality fading and OPEC+ supply rising, traders are bracing for a bumpier market in September.