Oil Holds Gain as Trump Boosts Russia Pressure With India Threat
Oil held gains after US President Donald Trump threatened to penalize India for buying Russian energy as he seeks to boost pressure on Moscow to end the war in Ukraine.
West Texas Intermediate was near $69.50 a barrel in choppy trading following a two-day rally that jolted prices out of narrow range this month. Trump said on his Truth Social platform that India would face a 25% tariff “plus a penalty” while criticizing the country for being one of largest buyers of Russian energy.
The US economy rebounded in the second quarter on a modest pickup in consumer spending and a drop in imports after a race to secure foreign goods earlier in the year.
Limiting the rally, a US government report showed crude inventories rose by 7.7 million barrels, the biggest gain since January, while stockpiles at the key storage hub in Cushing, Oklahoma also ticked up. At the same time, diesel reserves — which were previously at a multi-decade low for this time of year — increased, shaking trader confidence in one sector seemingly underpinning oil market resilience.
WTI for September delivery gained 0.549% to trade at $69.59 a barrel as of 10:49 a.m. in New York.
Brent for September rose 0.441% to trade at $72.83 a barrel.
Source : Bloomberg
