World oil prices rose after US President Donald Trump said that Indian Prime Minister Narendra Modi planned to halt oil purchases from Russia. This move could tighten global supply, as India is a major buyer of discounted Russian oil. However, Trump said India cannot halt the purchase immediately and did not provide a specific timeline for when it would begin.
India and China have been benefiting from cheap oil from Russia through price caps established by the G7 nations. However, the United States has begun pressuring India, which it considers to be benefiting too much. In fact, Indian officials have said they are ready to purchase an additional $15 billion worth of US oil, which could create new opportunities for the US energy market.
Before rising, oil prices had fallen due to concerns about declining demand due to the escalating US-China trade war. Trump said the US was deeply involved in the trade conflict, although the US Treasury Secretary had proposed a tariff pause to ease tensions. This uncertainty has raised market doubts about the future outlook for energy demand.
Meanwhile, industry reports showed US crude oil stocks rose by 7.4 million barrels in a week—the highest since July. This increase in inventories added pressure on prices. However, WTI crude for November delivery rose 0.7% to $58.69, while Brent crude for December delivery fell 0.8% to $61.91 per barrel. (ads)
Source: Newsmaker.id
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