Market focus is turning to India, which may reduce its imports of Russian crude in response to tariff threats from U.S. President Donald Trump. He has warned of an increase in tariffs on Indian products within 24 hours to pressure Russian President Vladimir Putin to end the war in Ukraine.
Adding to the upward pressure, API data revealed that U.S. crude stocks fell by 4.2 million barrels last week, exceeding market expectations of a 1.8 million barrel decline and suggesting stronger-than-anticipated demand.
However, gains have been limited by concerns over excess supply after OPEC+ recently announced plans to increase oil production by 547,000 barrels per day in September, ending its latest production cuts earlier than expected.
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