Oil Prices Fall by 1% amid Easing Fears of Russian Supply Disruptions
Oil prices dropped by nearly 1% on Tuesday, following concerns over weak global demand overshadowing investor worries about U.S. President Donald Trump's threats to India over its purchases of Russian oil.
At the close of trading, Brent crude futures fell by 1.63%, settling at $67.64 per barrel, while West Texas Intermediate (WTI) crude declined by $1.13, or 1.7%, to $65.16 per barrel. Both benchmarks reached their lowest levels in five weeks.
Latest Oil Prices:
WTI Crude $65.25 +0.09 +0.14%
Brent Crude $67.64 -1.12 -1.63%
Murban Crude $69.80 -1.23 -1.73%
Natural Gas $3.009 -0.001 -0.03%
Louisiana Light $72.61 +1.27 +1.78%
Bonny Light $78.62 -2.30 -2.84%
Mars US $71.56 -1.02 -1.41%
Gasoline $2.087 -0.004 -0.20%
President Trump renewed his threat to impose higher tariffs on Indian goods within the next 24 hours in response to India's Russian oil purchases. He argued that lower energy prices could pressure Russia to end the war in Ukraine. In response, New Delhi condemned Trump's threat as "unjustified" and pledged to safeguard its economic interests, further escalating the trade dispute between the two nations.
UBS analyst Giovanni Stonovo described the oil market as "stable," suggesting that this status quo may persist until the U.S. president announces further details on his stance regarding Russia later this week and how buyers might respond.
India, the largest buyer of Russian seaborne oil, imported approximately 1.75 million barrels per day from January to June, marking a 1% increase compared to the same period last year, according to trade sources provided to Reuters.
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