Crude oil prices eased slightly on Friday but remained on track for another weekly gain as fresh U.S. tariffs on Indian exports raised questions over the future flow of Russian crude.
As of writing, Brent crude traded at $68.17 per barrel, while West Texas Intermediate (WTI) hovered near $64.20, both edging lower from Thursday’s close. The decline came as the U.S. driving season winds down and peak summer fuel demand fades.
Despite the dip, uncertainty in global energy markets has supported oil benchmarks. India, a key buyer of discounted Russian oil, has been ramping up its imports ahead of the new tariffs. Refiners in the country are expected to boost purchases by 150,000 to 300,000 barrels per day in September — an increase of 10% to 20% compared with August levels, according to industry sources.
Adding further tension, Ukrainian drone strikes on Russian refineries have disrupted fuel production and lifted international prices.
Still, the broader outlook remains cautious. OPEC+ continues to gradually restore supply, while demand is tapering as the northern hemisphere exits the summer season. Analysts believe these factors will weigh on prices in the months ahead.
“Rising OPEC+ supply and a seasonal slowdown in refining activity from September are likely to build up global oil inventories. We project Brent futures could slide to $63 per barrel in Q4 2025,” said Vivek Dhar, an analyst at the Commonwealth Bank of Australia.
Commodity experts at ING added that the lack of progress in peace talks between Russia and Ukraine also keeps market risks alive, with the potential for further sanctions and secondary tariffs looming over the energy sector.
