The oil market is declining at the beginning of a new trading week

The price of November Brent futures on the London ICE exchange on Monday morning was $67.19 per barrel, which is $0.29 (-0.43%) lower than the closing level of the previous session. On Friday, contracts also declined by $0.5 to $67.48 per barrel.

October WTI futures on the NYMEX fell by $0.27 (-0.42%) to $63.74 per barrel. The day before, they lost $0.59, ending trading at $64.01.

Last week, oil still showed a slight increase (Brent +0.4%, WTI +0.6%), but August was negative for the market: both benchmarks lost about 6% amid expectations of supply growth with slowing demand.

What influences the market?

Starting September 1, eight OPEC+ countries, including Saudi Arabia, Russia and Iraq, will increase their voluntary production quotas. The total limit of the cartel for September will be 37.556 million barrels per day, which is 528 thousand more than in August.

According to analysts, the decline in quotations is due to the expansion of OPEC+ production and the seasonal weakening of fuel consumption in the United States after the end of the summer auto season.

Investors are also closely watching geopolitics, with the upcoming meeting between Russian President Vladimir Putin and Indian Prime Minister Narendra Modi at the SCO summit in the spotlight.