New york: Oil prices climbed on Wednesday, rebounding from a five-week low in the previous day, on concerns of supply disruptions after US President Donald Trump’s threats of tariffs on India over its Russian crude purchases.
According to Qatar News Agency, Brent crude futures rose 29 cents, or 0.4%, to $67.93 a barrel, while US West Texas Intermediate crude was at $65.44 a barrel, up 28 cents, or 0.4%. Both contracts fell by more than $1 on Tuesday to settle at their lowest in five weeks, marking a fourth session of losses, on oversupply concerns from OPEC+’s planned September output hike.
US crude inventories fell by 4.2 million barrels last week, sources citing American Petroleum Institute figures said on Tuesday.