Brent falls below $69 as OPEC+ boosts output, India resists U.S. pressure

 Oil prices declined on Monday after eight OPEC+ countries announced a production increase, and India pushed back against U.S. calls to curb imports of Russian crude.

October Brent futures dropped 1.08% to $68.92 per barrel on ICE, falling below $69 for the first time since July 28, when U.S. President Donald Trump cut Russia’s Ukraine ceasefire deadline to Aug. 8.

On Aug. 3, OPEC+ agreed to raise output by 547,000 barrels per day, reversing earlier voluntary cuts amid strong demand and low global inventories.

Additional downside pressure came from Indian Prime Minister Narendra Modi’s defiance of Washington's threats of tariffs, as New Delhi continues to allow its refiners to buy Russian oil.