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28 Aug 2025

Oil prices fall by about 1% on concerns about oversupply

Oil prices fell as investors assessed potential shifts in crude supplies amid India's punitive US tariffs on its imports of Russian oil.

 

During Thursday's trading, Brent crude futures for October delivery fell 0.9%, or 62 cents, to $67.43 a barrel.

U.S. WTI crude futures for October delivery also fell 0.9%, or 58 cents, to $63.57 a barrel.

This comes after data from the U.S. Energy Information Administration showed that U.S. motor gasoline production averaged 9 million barrels per day during the four weeks ending August 22, a 1.1% decrease from the same period last year.

Washington has increased pressure on New Delhi to stop purchasing Russian oil, with U.S. President Donald Trump doubling tariffs on Indian imports to up to 50% on Wednesday

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