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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.
