Oil Rebounds After Trump Threatens Tariffs on Russian Oil Buyers
World oil prices rose on Wednesday (August 6), rebounding from a five-week low due to concerns about supply disruptions after US President Donald Trump threatened to impose tariffs on India over its purchases of Russian oil. Brent crude rose 0.6% to $68.07 per barrel, while US WTI also rose 0.6% to $65.56 per barrel.
Trump's threat fueled speculation that other countries, such as China, could be the next target for Russian oil purchases. If India stops buying Russian oil, the market is believed to be able to adjust, but greater concerns arise if more countries begin to avoid Russian oil.
Oil prices had previously fallen sharply for four consecutive sessions due to concerns about excess supply stemming from OPEC+'s plan to increase production by 547,000 barrels per day starting in September. However, uncertainty about India's response to US pressure has led investors to speculate about potential supply tightening.
Furthermore, a 4.2 million barrel decline in US crude oil inventories last week also supported positive market sentiment. Official data from the US Energy Information Administration (EIA) will be closely monitored by market participants for further confirmation of US energy supply conditions. (ayu)
Source: Newsmaker.id
