World oil prices rose slightly on Thursday (August 7th) after experiencing a five-day decline, the longest decline since May. This increase occurred as investors monitored the US's move to impose sanctions on countries buying Russian oil, as well as President Donald Trump's diplomatic efforts to end the war in Ukraine.

Brent crude prices rose above $67 per barrel, while West Texas Intermediate (WTI) hovered around $65. Trump previously doubled tariffs on Indian products in response to Russian energy purchases and opened the possibility of similar measures against China.

On the supply side, the market is bracing for a potential oil glut by the end of the year after OPEC+ increased production by around 547,000 barrels per day in September. Meanwhile, the latest data showed that US crude inventories fell by 3 million barrels last week, but stocks at the Cushing storage hub actually increased for the fifth consecutive week.

Analysts expect oil prices to remain stuck in the early $70 per barrel range due to rising production and inventories. However, if the planned meeting between Trump, Putin, and Zelenskiy fails to produce a peace agreement, prices could surge again due to concerns about further sanctions against buyers of Russian oil. (alg)

Source: Newsmaker