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Oil Prices Head For 5% Weekly Slump With Russian Supplies In Focus

West Texas Intermediate traded below $64 a barrel, more than 5% lower this week, while Brent closed at near $66.

Bloomberg News

Oil has slumped in August following three months of gains. Investors are braced for a potential glut later this year after OPEC+ followed through on a campaign to relax output curbs. (Photo: Matthew Busch/ Bloomberg)

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Summary is AI Generated. Newsroom Reviewed

  • US oil prices headed for biggest weekly loss since June, falling over 5% this week
  • West Texas Intermediate traded below $64 a barrel amid concerns over supply impact
  • US doubled import levies on India to 50% for buying Russian crude
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Oil headed for the biggest weekly loss since June, as traders judged that US efforts to end to the war in Ukraine would not impact supplies, even as Washington imposed penalties on India for importing Moscow’s crude.

Also Read: Oil Traders Race Against Time To Solve Global Diesel Crunch

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Metal Stocks Glitter As JSW Steel, Tata Steel Hit New Peaks. Can The Shine Last?

  • chevron-double-right JSW Steel and Tata Steel hit 52-week highs amid firm demand and supply limits in China
  • chevron-double-right China's steel output cuts and India's extended safeguard duty support local producers
  • chevron-double-right Brokerages remain bullish, raising target prices on JSW Steel and Jindal Steel and Power
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