Overview

• Brent settled up 1.2% at $68.05 and WTI rose 1.4% to $64.15 on Wednesday, recovering part of Tuesday’s more than 2% slide.
• U.S. crude inventories fell by 2.4 million barrels to 418.3 million last week, according to the Energy Information Administration, a larger draw than analysts expected.
• President Donald Trump’s move to double tariffs on Indian imports to 50% took effect, with traders assessing potential impacts on flows tied to India’s purchases of Russian crude.
• Ukrainian drones struck Russian energy facilities in recent days, including the Ust-Luga export terminal and the Novoshakhtinsk refinery, with analysts estimating hits this month have affected roughly 10% of Russia’s refining capacity.
• Supply expectations remain mixed as OPEC+ unwinds earlier cuts with another increase eyed at a Sept. 7 meeting, while U.S. envoy Steve Witkoff engages Ukrainian representatives and Washington holds talks with Russia, with Reuters reporting side discussions on energy arrangements.