Oil prices exhibited stability during Asian trading on Wednesday, maintaining the gains driven by sanctions from the prior session as market participants anticipated the upcoming OPEC+ meeting scheduled for the weekend. Brent crude experienced a slight decline of 1 cent, or 0.01%, settling at $69.13 per barrel as of 0032 GMT. U.S. West Texas Intermediate crude increased by 4 cents, reflecting a 0.06% rise, bringing the price to $65.63 per barrel.

Oil had settled up more than 1% in the previous trading session following the imposition of new sanctions by the U.S. on a network of shipping companies and vessels associated with an Iraqi-Kittitian businessman, who was involved in smuggling Iranian oil under the guise of Iraqi oil. Additionally, U.S. crude oil stockpiles were anticipated to have decreased in the previous week, alongside distillate and gasoline inventories. The release of weekly inventory data projected, on average, a decline of approximately 3.4 million barrels in crude inventories for the week ending August 29. However, subdued economic indicators maintained a ceiling on prices.

U.S. manufacturing experienced a contraction for the sixth consecutive month, as President Donald Trump’s tariffs adversely affected business confidence and economic activity, thereby dampening the demand outlook for oil. The market was anticipating the outcomes of a gathering involving eight members of the Organization of the Petroleum Exporting Countries and their allies on September 7. Experts indicate that the group is not expected to implement additional alterations to production at this time. On Wednesday morning, Beijing will host its largest military parade to commemorate 80 years since Japan’s defeat at the conclusion of World War Two.

China’s leader, Xi Jinping, will take center stage, accompanied by Russia’s Vladimir Putin and North Korea’s Kim Jong Un. The event comes on the heels of the Shanghai Cooperation Organisation summit held from August 31 to September 1, during which China articulated its vision for a new global security and economic order, directly challenging the United States. This may compel Trump to respond with additional secondary sanctions.