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Oil prices dropped for the sixth consecutive session on Thursday after Kremlin aide Yuri Ushakov announced that Russian President Vladimir Putin would meet US President Donald Trump in the coming days. This development has raised expectations for a diplomatic end to the war in Ukraine, impacting oil prices.
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Key Price Movements:
– Brent Crude: Fell 46 cents, or 0.7%, to $66.43 per barrel
– US West Texas Intermediate Crude: Declined 47 cents, or 0.7%, to $63.88 per barrel.
The US has ordered new tariffs on Indian goods, with Trump imposing an additional 25% tariff citing India’s continued imports of Russian oil. India is the second-largest buyer of Russian oil after China. “Additional increases in OPEC production remain as the overriding negative consideration, while continued tariff uncertainties are still providing the main argument favouring lower price levels,” analysts at Ritterbusch and Associates said.
Recent Market Trends:
– OPEC+ agreed to raise oil production by 547,000 barrels per day for September
– US crude oil stockpiles fell by 3 million barrels to 423.7 million barrels in the week ended August 1, exceeding expectations
– Chinese crude oil imports in July dropped 5.4% from June but rose 11.5% year over year.
– Saudi Arabia increased its September crude oil prices for Asian buyers for the second consecutive month due to tight supply and robust demand
UBS analyst Giovanni Staunovo noted that Thursday’s selling was limited by the crude stockpile drawdown in the US, higher Saudi prices for Asia, and solid Chinese crude imports in July. Oil prices have dropped over 9% in the last week.
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Jonathan Nwokpor
