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.
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.
West Texas Intermediate traded below $64 a barrel, more than 5% lower this week, while Brent closed at near $66. US benchmark prices have declined for the past six days, capping the worst run since 2023. US President Donald Trump — who’d set a deadline for Friday for Moscow to agree a truce — said he’d be willing to meet with Vladimir Putin, even if the Russian leader hadn’t agreed to also sit down with Ukrainian President Volodymyr Zelenskiy.
Earlier this week, the US doubled levies on all Indian imports to 50% as a penalty for the nation taking Russian oil, prompting local state-owned oil refiners to pull back from purchases and look elsewhere. Treasury Secretary Scott Bessent, meanwhile, said the US may also impose tariffs on China at some point, when asked about targeting countries that buy Russian energy.
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. At the same time, futures have been weighed down by signs of slower growth in the world’s largest economy as Trump’s wider trade tariffs took a toll on economic activity, posing a risk to energy demand.
Prices:
WTI for September delivery was little changed at $63.86 a barrel at 7:47 a.m. in Singapore.
Brent for October settlement closed 0.7% lower at $66.43 a barrel on Thursday.
