India-Russia Oil Trade Tariff Deadline Fuels Brent, WTI for Biggest Weekly Rise Since July
West Texas Intermediate traded above $63, Brent remained below $68 a barrel after a Trump administration official intensified his criticism
Quick overview
- West Texas Intermediate oil traded above $63, while Brent remained below $68 a barrel amid trade tensions.
- Peter Navarro criticized India's ongoing purchase of Russian oil, predicting a doubling of US import taxes on India in August.
- Navarro emphasized that India's oil purchases are unnecessary and linked to profit-sharing from refining crude.
- Despite the criticism, Indian oil refiners have resumed purchases, with expectations of continued Russian crude flows.
West Texas Intermediate traded above $63, Brent remained below $68 a barrel after a Trump administration official intensified his criticism of the trade ahead of an anticipated tariff increase, and oil prices remained stable as the market assessed the prospects for Russian crude flows to India. , on course for its largest weekly gain since early July.
Peter Navarro, the White House trade adviser, has once again criticized India for its continued purchase of Russian oil, stating that he expects US import taxes on the country to double as scheduled in August. 27. He remarked, “India doesn’t seem to want to acknowledge its role in the bloodshed.”.
“The oil is not necessary for them. It is a profit-sharing plan for refining crude oil. President Donald Trump has threatened to increase import taxes from India to 50% of the US market, with half of that increase coming from purchases of Russian crude.
However, following a brief lull, oil refiners in the South Asian country have resumed purchases, and a Moscow official anticipates that flows will continue. According to Navarro, earlier this week.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Save