09:13 AM EDT, 09/15/2025 (MT Newswires) -- Oil prices edged higher early on Monday on supply concerns following fresh Ukrainian attacks on Russian oil infrastructure.

West Texas Intermediate crude oil for October delivery was last seen up US$0.27 to US$62.96 per barrel, while October Brent crude rose US$0.19 to US$67.18.

Ukraine over the weekend continued its attacks on Russian refineries, sending drones to the Novoil refinery in the city of Ufa, though damage was limited according to a Guardian report. The attack is the latest by the Ukraine on Russia's oil sector as it attempts to limit the oil exports funding Russia's invasion and cut fuel supplies to its military.

Traders are also considering comments from U.S. President Donald Trump, who last week called on NATO members like Hungary and Turkey to end purchases of Russian oil, while encouraging Europe to impose secondary sanctions on China for its imports from Russia.

"Brent crude remains range-bound between USD 65 and 70, underpinned by Russian disruption risks from Ukrainian attacks and renewed calls from Trump for tougher secondary sanctions on Russian crude buyers," Saxo Bank noted.

The rise comes despite warnings last week from the Energy Information Administration and the International Energy Agency that the market is oversupplied following OPEC+'s 2.2-million barrels per day of production hikes as it looks to recapture market share. As well, Bloomberg reported bullish bets on oil by funds have dropped to the lowest on record, showing little faith in current prices.

"Oil remains dogged by incessant chat on oversupply. Argue all bulls might, and even if at current production ability OPEC is unable to bring forth the new barrels it has earmarked for return, there can be little doubt that the cartel's intention to wrestle back market share will see production match ambition," PVM Oil Associates wrote.