Oil Prices Stabilize as India-Russia Relations Remain in Focus Ahead of Tariffs

SadaNews Economy - Oil prices stabilized as the market assesses expectations for Russian oil flow to India, after a Trump administration official intensified criticism of this trade ahead of an anticipated increase in tariffs.

The price of West Texas Intermediate crude approached $63 per barrel, recording modest weekly gains, while Brent crude closed below $68 per barrel.

Criticism of India and Escalation of Tariffs
 White House trade advisor Peter Navarro said that India "does not seem to want to acknowledge its role in the bloodshed," adding that he expects U.S. tariffs on imports from India to double as scheduled on August 27.

President Donald Trump threatened to raise tariffs on imports from India to 50%, half of which would be due to the purchase of Russian oil.

However, state-owned refineries in South Asia resumed purchasing after a brief stoppage, while a Russian official expected the flows to continue.

Earlier this week, Navarro stated that the sharp increase in Russian oil imports since the outbreak of the war in Ukraine was due to "the efforts of influential major oil companies in India to achieve profits," rather than to meet domestic needs.

OPEC+ Production Pressures and Trump's Policies
Oil prices remain low this year amid rising production from the OPEC+ alliance and trade policies from Trump that have raised concerns about declining demand.

West Texas Intermediate crude for October delivery stabilized around $63.48 per barrel at 7:45 AM Singapore time, while Brent crude for October settlement closed up 1.2% at $67.67 per barrel on Thursday.