Crude oil prices fell for the second consecutive session in mid-European trading on Tuesday, October 28, as concerns about oversupply increased amid investor assessments of new US sanctions on the Russian oil sector and anticipation of preliminary inventory figures from the American Petroleum Institute this evening, ahead of the official figures from the US Energy Information Administration tomorrow, Wednesday. Nymex crude fell by approximately 1.55%, trading at $60.36 a barrel, while Brent crude traded at $64.59 a barrel, down approximately 1.57%.
According to a Bloomberg report, sources indicated that the OPEC+ alliance of oil exporters and its non-OPEC allies, led by Russia, known as OPEC+, is considering approving a new production increase of approximately 137,000 barrels per day, effective December 1, at its November 2 meeting. This would be the third consecutive increase of the same amount, heightening market concerns about supply, which has put pressure on crude oil prices.

Meanwhile, US President Donald Trump has decided to impose sanctions on Russia, aimed at forcing it to agree to a ceasefire with Ukraine. The sanctions target Russia’s two largest oil companies, Lukoil and Rosneft, which account for nearly half of the country’s oil exports. Investors are assessing the impact of these sanctions on crude oil in the coming period.