Brent crude oil futures fell to $67.2 per barrel on Monday, extending losses from the prior session, amid concerns over a looming oversupply and weaker demand prospects. Investors await the OPEC+ meeting later this week, with accelerated output increases from the group raising the global supply outlook. Still, these additional barrels have yet to fully reach the US, the world’s largest fuel market, where the end of the summer driving season is already weighing on demand expectations. These concerns are offsetting geopolitical risk premium stemming from the ongoing Russia-Ukraine war and the potential for tighter US sanctions that could curb global flows. Traders are also assessing whether India will yield to US pressure to end Russian oil purchases, after Washington imposed secondary tariffs on New Delhi last week. Meanwhile, the upcoming SCO summit will also be closely watched, with Chinese President Xi, Russian President Putin, and Indian Prime Minister Modi all expected to attend.