Oil prices remained largely stable on Thursday as markets braced for possible disruption in India’s Russian oil imports — a move that could reshape global supply routes. Brent crude slipped 28 cents to $61.63 per barrel, while U.S. West Texas Intermediate dropped 19 cents to $58.08.
U.S. President Donald Trump claimed Indian Prime Minister Narendra Modi pledged to halt oil purchases from Russia, India’s top supplier. Analysts say this could push up demand for non-Russian crude. However, New Delhi maintained its stance on ensuring energy security and price stability, without confirming Trump’s statement.
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Meanwhile, Britain imposed fresh sanctions on Russian energy giants Rosneft and Lukoil, as Ukraine’s drone strikes disrupted several Russian refineries. Experts noted that these developments might prevent oil prices from dropping below this year’s $58.40 per barrel low.
In the U.S., crude inventories rose by 3.5 million barrels, signaling weaker demand. Despite short-term bearish data, market analysts expect supply cuts and geopolitical shifts to keep prices from falling further.
