Oil prices rose after US President Donald Trump announced that India would stop buying oil from Russia. This move is expected to tighten global supply, pushing Brent to $62 and WTI to near $59 per barrel.
Although there has been no official confirmation from India, the market immediately reacted. Furthermore, US oil stocks jumped by 7.4 million barrels, but geopolitical sentiment remains the primary driver of current price increases. (asd)
The price of Brent oil at the time of writing was $62.19.
Disclaimer:
This article is analytical in nature and is not a definitive reference. Consider fundamental and technical developments in trading before making investment decisions. (asd)
Source: Newsmaker.id
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