Overview

• Brent traded near $61 and WTI around $57 in early Friday dealings, leaving both benchmarks down about 3% for the week, according to Reuters.
• The EIA reported a 3.5 million‑barrel U.S. crude build to 423.8 million barrels last week, while domestic production climbed to a record 13.636 million barrels per day.
• The IEA warned of a potential 2026 surplus of up to 4 million barrels per day, a bearish outlook that helped drive prices to five‑month lows earlier in the week.
• Trump said India pledged to stop buying Russian oil, briefly lifting prices; India offered no confirmation and reiterated its focus on stable prices and secure supply.
• The UK unveiled new sanctions on Russian energy assets and tankers as Ukraine’s strikes on Russian refineries continued, while a Trump‑Putin summit expected in Hungary within two weeks added to supply‑risk recalculations.