Key Facts
• August 6: Crude oil futures rebounded from a 5-week low in Asian trading.
• Brent crude rose $0.29 (0.4%) to $67.93 per barrel at 0119 GMT.
• WTI crude increased $0.28 (0.4%) to $65.44 per barrel at the same time.
• Trump warned of a significant tariff hike on Indian imports within 24 hours.
• India continues importing Russian crude oil despite geopolitical tensions.
• OPEC+ plans to increase production in September, raising oversupply concerns.
• Previous day: Both futures dropped over $1 due to oversupply fears.
• U.S. crude inventories fell by 4.2 million barrels last week (API data).
• Market forecast expected a smaller decline of 600,000 barrels.
• Economists predict WTI prices to remain in the $60–$70 range if Indian imports stabilize.
Summary
Crude oil futures rebounded on August 6 after hitting a 5-week low, driven by supply concerns following former U.S. President Donald Trump’s warning of a significant tariff hike on Indian imports. Brent crude rose to $67.93 per barrel, while WTI crude reached $65.44. The market reacted to India’s continued import of Russian oil and OPEC+’s planned production increase in September, which had previously caused a sharp drop in prices. U.S. crude inventories also declined by 4.2 million barrels last week, exceeding market expectations. Economists suggest WTI prices may stabilize between $60 and $70 if India’s import levels remain steady.
