Oil prices rose on expectations of a decline in US crude inventories, amid concerns about the repercussions of the US imposing tariffs on India over its purchases of Russian crude oil.
During Wednesday's trading, Brent crude futures for October delivery rose 0.65%, or 43 cents, to $68.07 a barrel.
US Nymex crude futures for September delivery also rose 0.65%, or 41 cents, to $65.57.
President Donald Trump reiterated his threat on Tuesday to impose additional tariffs on Indian goods due to New Delhi's continued purchases of Russian oil. He said that falling energy prices could increase pressure on his Russian counterpart, Vladimir Putin, to stop the war in Ukraine.
Markets are awaiting the release of official weekly inventory data from the Energy Information Administration later today, after the American Petroleum Institute estimated that crude oil inventories fell by 4.2 million barrels during the week ending August 1
-255*160.webp)
