Oil prices climb as Trump claims India will halt Russian oil imports

ByEnigma 808

Oil prices went up by about 1% early Thursday after US President Donald Trump said Indian Prime Minister Narendra Modi promised to stop buying oil from Russia. Russia supplies about one-third of India’s oil imports.

Brent crude rose by 57 cents, or 0.9%, to $62.48 a barrel. US West Texas Intermediate (WTI) also increased by 0.9%, or 54 cents, reaching $58.81. This follows recent lows due to US-China trade tensions and warnings of a surplus next year as OPEC+ increases output.

Trump’s statement is seen as positive for oil prices since India’s move would reduce a major buyer of Russian oil. Investors are also awaiting the US inventory report later Thursday.

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    Besides writing and being a content creator, Enigma 808 sometimes likes to watch paint dry on walls, listening to ASMR while timing snails racing. Such is life.