Crude oil prices rose at the start of trading in the US session today, Wednesday, August 6, after four consecutive sessions of declines, trading at their lowest levels in five weeks, amid market concerns over US President Donald Trump’s threats to impose higher tariffs on buyers of Russian crude. Meanwhile, inventories fell contrary to expectations, with US crude (NYMEX) rising by about 0.92% to trade at $65.76 per barrel, while Brent crude traded at $68.24 per barrel, up about 0.89%.
Crude oil lost more than 1% moments ago after US President Donald Trump announced the imposition of 25% tariffs on Indian imports, bringing the total tariffs to 50%. Trump indicated that India continues to import oil from Russia, which is unacceptable because it contributes to financing the war between Russia and Ukraine.

The US Energy Information Administration’s report, released just moments ago, showed a 3,000-barrel drop in inventories last week, ending August 1, compared to expectations of a 200,000-barrel increase. Gasoline inventories fell by 1.3 million barrels, while distillate stocks, which include heating oil and diesel, fell by 600,000 barrels.

In a related development, sources familiar with the Russian oil sector told Reuters that Moscow plans to increase its oil exports from western ports to about 2 million barrels per day in August, 200,000 barrels more than the previous estimate.