After falling in Asian trading on Monday, oil prices rose at the start of US trading as market participants focused more on geopolitical risks than on the possibility of a surplus in global oil supply in the coming months.

The global benchmark Brent crude price rose close to $67 per barrel, remaining within the range it has traded throughout the past month between $65 and $70 per barrel. US trading is expected to be limited today due to the official Labor Day holiday, according to Bloomberg News.

As the US seeks to pressure India to stop importing Russian oil by imposing punitive tariffs of 25% on Indian products, Indian Prime Minister Narendra Modi met with Russian President Vladimir Putin during their participation in the Shanghai Cooperation Organization security summit in China. Modi said on social media that he is always pleased to meet Putin.

Before the meeting, New Delhi defended its relations with Russia, describing Washington’s actions as “unfair, unjustified, and illogical.” Meanwhile, local refineries have not stopped purchasing Russian crude oil, despite some purchases of shipments from the US.

The Indian oil minister said his country’s purchases of Russian crude helped prevent a rise in global oil prices.

Global oil prices have fallen about 10% since the beginning of this year, affected by additional supplies from OPEC+ countries and concerns that the US-led trade war will reduce energy demand.

OPEC+ ministers, including Russia, are scheduled to hold a virtual meeting on September 7 to discuss their next steps, as the International Energy Agency expects the market to face a record surplus in supply next year.

By 8:57 a.m. New York time, Brent crude prices rose 1.2% to $68.29 per barrel for November delivery, while Brent prices fell more than 6% last month. West Texas Intermediate crude also rose 1.2% to $64.80 per barrel for October delivery.

Oil prices had fallen in Asian trading by 1:26 p.m. Singapore time, with Brent crude down 0.4% to $67.21 per barrel for November delivery, and West Texas Intermediate down 0.4% to $63.77 per barrel for October delivery.