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Indonesia News Portal for Traders | Financial & Business Updates

24 October 2025 11:07  |

Oil Down, Weekly Rise Remains

Oil prices weakened in early trading Friday, cutting sharply from yesterday's highs, but remained on track for weekly gains. As of 09:00 WIB (02:00 GMT) Friday, October 24, 2025, Brent was $65.45 and WTI was $61.28 per barrel.

Today's selling pressure comes after a more than 5% rally on Thursday that triggered new US sanctions on two Russian energy giants, Rosneft and Lukoil, a policy that tightened the global supply outlook.

On the demand side, the market is also digesting news that China's state-owned oil and gas company has suspended purchases of Russian oil by sea; while Indian refineries are reportedly preparing to cut imports. These flows have the potential to shift demand to non-sanctioned suppliers.

As a counterbalance, Kuwait has stated that OPEC is ready to increase supply if needed by relaxing production cuts to mitigate potential shortfalls caused by US sanctions. This stance could stem a one-way rally.

Despite weakening this morning, both benchmarks still posted weekly gains of around 7%, which would be the largest since mid-June, underscoring how sensitive prices are to supply and policy risks. (asd)

Source: Newsmaker.id

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