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Oil Edges Down as Traders Weigh Trump’s Latest India Threat
Oil extended a three-day drop, as investors weighed risks to Russian supplies, with US President Donald Trump stepping up a threat to penalize India for buying Moscow’s crude.
Brent traded near $68 a barrel after shedding more than 6% over the previous three sessions, while West Texas Intermediate was just shy of $66. Trump said he would be “substantially raising” the tariff on Indian exports to the US over the nation’s purchases of Russian oil as part of a bid to force Moscow to agree a truce in Ukraine. New Delhi slammed the move as unjustified.
Oil has been on a round trip, rising a few dollars above $70 and then falling back, as traders try to gauge whether Trump will follow through on his threats to punish Russian oil buyers. Crude prices have held up in recent months in part because inventory builds haven’t appeared near vital pricing points and instead have been concentrated on China.
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