Oil Prices Slip Amid Seasonal Demand Concerns and Russian Supply Restart

Price Action (1033 GMT)

• Brent Crude: $67.77, -0.4%
• WTI Crude: $63.94, -0.3%

Key Drivers

• Seasonal Demand: U.S. Labor Day weekend marks the unofficial end of summer driving season, expected to reduce gasoline consumption.
• Russian Supply: Druzhba pipeline deliveries to Hungary and Slovakia resumed after last week’s outage due to a Ukrainian attack.
• U.S. Tariffs on India: Rising tensions as President Trump doubles tariffs on Indian imports to 50%, pressuring oil trade.
• Infrastructure Attacks: Ongoing Russia-Ukraine energy strikes add geopolitical risk support to prices.

Market Context
Crude rose on Wednesday after U.S. inventory data showed a stronger-than-expected 2.4 million barrel draw. Thursday’s decline reflects seasonal demand normalization and the return of Russian flows, partially offset by geopolitical tensions in Ukraine.