Overview

• Brent crude fell to $66.40 a barrel and WTI to $63.82, each set for their steepest weekly declines since late June.
• Washington’s August 7 duties, including a 25% tariff on Indian imports, have intensified fears of a global economic slowdown.
• OPEC+ pushed ahead the rollback of its biggest planned output cuts for September, adding fresh supply to markets.
• Chinese crude imports climbed 11.5% year-on-year in July to an average of 11.2 million barrels per day, underscoring strong consumption.
• Confirmation of an upcoming Trump-Putin summit has amplified price volatility over potential shifts in sanctions and trade policy.