Oil prices rose to their highest level in nearly a month, driven by technical buying ahead of this weekend's OPEC+ meeting.

Brent rose above $69 per barrel, marking its fourth gain in five days. Trend-following Commodity Trading Advisors have been buying crude consistently over the past few weeks, helping push prices higher, according to Nicky Ferguson, head of analytics at Energy Aspects Ltd. Their buying is likely to continue for a few more days, he said.

OPEC+ will meet later this week to decide on October production. Most market observers expect the group to opt to keep supply steady.

Russian flows are also in focus amid US efforts to pressure Moscow to make peace in Ukraine by targeting India, a major importer of its crude. Treasury Secretary Scott Bessent said Washington would consider sanctions against Russia this week. The global benchmark Brent crude has largely been capped between $65 and $70 per barrel in recent weeks, with prices about 8% lower this year.

There are widespread concerns about a looming surplus after OPEC+ voted at its previous meeting to ease supply curbs in an effort to regain market share, and as the US-led trade war risks hampering energy demand.

"Sentiment in the oil market has shifted from very negative to more neutral," said Arne Lohmann Rasmussen, chief analyst at A/S Global Risk Management. "The main support for oil prices is the geopolitical premium. No one believes anymore that a peace agreement between Russia and Ukraine is imminent." (alg)

Source: Bloomberg