Overview

• President Trump warned he may impose higher tariffs on countries buying Russian oil, specifically targeting India and potentially China to pressure Moscow over Ukraine.
• Brent crude rebounded from a five-week low to around $68 per barrel while WTI climbed near $65, reversing a four-day slide on supply-risk concerns.
• OPEC+ agreed to boost production by about 547,000 barrels per day in September, ending its recent output cuts earlier than planned.
• Data from the American Petroleum Institute showed U.S. crude inventories fell by 4.2 million barrels last week, outpacing analysts’ expectations.
• July’s near-stagnation in the U.S. services sector pointed to softer demand, adding to volatility as markets balance supply shifts against economic headwinds.