Crude Oil Rebounds From Five-Week Low, WTI Hits Intraday High After Trump Doubles Tariff On India To 50%

Oil prices rebounded from the previous session's five-week low on Wednesday, as traders focused on U.S. President Donald Trump threatening India with higher tariffs over its Russian crude purchases, and a larger-than-expected U.S. crude draw.

Brent crude futures gained $1.13, or 1.67%, to $68.77 a barrel, while U.S. West Texas Intermediate crude was up $1.16, or 1.78%, at $66.32 a barrel. WTI hit an intraday high of $66.75. Both oil contracts fell by more than $1 on Tuesday to settle at their lowest in five weeks, marking a fourth session of losses.