Oil edged higher as traders awaited new factors to push prices beyond a relatively narrow range, focusing on an upcoming OPEC+ meeting and potential United States actions on Russian supply.

Brent climbed toward $69 a barrel, following a 1 per cent gain in the November contract during the previous session, while West Texas Intermediate hovered near $65.

OPEC+ is set to meet this weekend to decide October output, with most analysts anticipating a decision to maintain current supply levels.

Focus is also on Russian oil exports as the U.S. attempts to pressure Moscow over Ukraine by targeting India, a major crude importer.

India declined the proposal after a cordial meeting between Prime Minister Narendra Modi and President Vladimir Putin on Monday.

Separately, US Treasury Secretary Scott Bessent said Washington would consider sanctions later this week.

“Crude is likely to remain rangebound,” said Vandana Hari, founder of market analysis firm Vanda Insights, adding that Ukrainian attacks on Russian oil facilities were providing a floor for prices, while chances of tighter US sanctions had receded. “Expectations of a looming glut are capping gains,” she said.