WTI crude futures rose above $88 per barrel on Monday as traders mulled the supply outlook ahead of an OPEC+ meeting, while weighing the impact of the latest fallout from Europe’s worsening energy crisis. Analysts are expecting no significant change as OPEC+ decides on production levels for October later on Monday, but Saudi Arabia’s recent warning that the group could cut production at any time kept markets on edge. The possible move has gained wide support from other OPEC producers and is expected to counter a potential supply boost from Iran. Elsewhere, Russian energy giant Gazprom PJSC said Friday it can’t resume natural gas flows through a key pipeline to Germany for now, deepening the region’s energy crisis and stoking fears of more fuel switching for power generation. Meanwhile, oil prices tumbled nearly 7% last week and are down about 30% since mid-June amid fears that tightening monetary conditions and anti-virus lockdowns in top importer China would hurt demand.
