- WTI appreciates over rising concerns over potential supply disruptions.
- India may scale back Russian Oil imports in response to Trump’s tariff threats over its ongoing purchases.
- West Africa-focused Tullow Oil lowered its 2025 Oil production forecast to 40,000–45,000 barrels per day.
West Texas Intermediate (WTI) Oil price halts its four-day losing streak, trading around $65.10 per barrel during the Asian hours on Wednesday. Crude Oil prices gain ground amid rising concerns over potential supply disruptions.
Traders are weighing possible supply shifts as India may reduce Russian Oil imports in response to US President Donald Trump’s tariff threats over its continued purchases. Trump announced on Tuesday that he would increase the tariffs charged on Indian imports “very substantially” over the next 24 hours, citing India’s continued purchases of Russian Oil.
West Africa-focused Tullow Oil cut its Oil production forecast to 40,000-45,000 barrels per day for 2025 after it sold its Gabonese assets, and reported a first-half loss of $80 million on Wednesday, per Reuters.
Additionally, American Petroleum Institute (API) data showed US Weekly Crude Oil Stock fell by 4.2 million barrels last week, against the previous increase of 1.54 million barrels. The US stockpiles have surpassed market expectations of a 1.8 million-barrel draw and suggesting stronger-than-anticipated demand.
However, Oil prices may further depreciate amid oversupply concerns after the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, recently announced it will raise Oil production by 547,000 barrels per day in September, effectively ending its latest round of output cuts sooner than anticipated.
