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Oil prices rose by nearly 1% in early Thursday trading after U.S. President Donald Trump announced that Indian Prime Minister Narendra Modi had agreed to stop purchasing oil from Russia, a move that could significantly impact global energy markets. Russia currently supplies around one-third of India’s oil imports.
Brent crude futures gained 57 cents, or 0.9%, to $62.48 per barrel, while U.S. West Texas Intermediate (WTI) crude rose 54 cents, or 0.9%, to $58.81. Both benchmarks had previously hit their lowest levels since early May, weighed down by ongoing U.S.-China trade tensions and concerns about a potential global supply surplus next year. The International Energy Agency (IEA) recently warned that rising output from OPEC+ members and non-OPEC producers, combined with slowing demand, could lead to an oversupplied market in 2025.
Trump stated that after India’s decision, Washington would seek similar commitments from China to further limit Russia’s energy revenues. India and China have been Moscow’s largest oil buyers since Western sanctions were imposed over the war in Ukraine. Despite months of U.S. pressure, India had defended its Russian oil purchases as necessary for maintaining national energy security.
“This is a positive development for oil prices at the margin, as it removes one of Russia’s biggest crude buyers,” said Tony Sycamore, market analyst at IG.
Investors are now closely monitoring upcoming U.S. Energy Information Administration (EIA) data after mixed figures from the American Petroleum Institute (API). API data showed U.S. crude stocks rising by 7.36 million barrels and gasoline inventories increasing by 2.99 million barrels, while distillate supplies fell by 4.79 million barrels for the week ending October 10. Analysts expect EIA data to show a smaller crude build of around 0.3 million barrels, suggesting U.S. demand remains relatively weak despite lower distillate inventories.
