Oil Drops in Choppy Trade on Russia Uncertainty, OPEC+ Increase
A worker checks the pressure gauge on pipework at the Gazprom PJSC Chayandinskoye oil, gas and condensate field, in the Sakha Republic, Russia.
Source: Bloomberg
Oil prices fell in choppy trading as traders took stock of OPEC+’s latest bumper supply increase while US President Donald Trump vowed to penalize India for buying Russian crude, mitigating some fears about a glut.
West Texas Intermediate crude slid 1.5% to settle close to $66 a barrel after Trump’s renewed warnings of increased levies on India over purchases of Russian oil. The latest fluctuation came after prices hit the lowest in a week as OPEC+ endorsed an additional 547,000 barrels-a-day of output for next month.