Heating Oil at 1-Month Low

Heating oil futures fell to $2.27 per gallon, hovering at a one-month low, as rising global supply and weakening demand expectations continued to weigh on prices. OPEC+ agreed on Sunday to increase oil output by 547,000 barrels per day for September, marking the completion of reversing a 2.2 million-barrel cutback made by eight members in 2023. The decision come amid increasing US pressure on India to halt Russian oil purchases, part of Washington’s efforts to push Moscow toward peace negotiations in the Ukraine conflict. At the same time, weak US economic data—including a sharply cooling labor market and the steepest contraction in factory activity in nine months—has intensified concerns about the country’s economic outlook and future energy demand. Adding to the uncertainty, the latest round of US tariff hikes has rattled markets and contributed to a broader decline in energy prices.