Oil prices were steady Thursday as traders weighed the potential impact of India halting imports of Russian oil — a move that could reshape global flows and tighten supply — against fresh U.S. inventory builds. Brent crude futures settled 85 cents, or 1.37%, lower at $61.06 a barrel. U.S. West Texas Intermediate futures closed 81 cents, or 1.39%, lower at $57.46. Those were the lowest settlements for both benchmarks since May 5.
U.S. President Donald Trump said Indian Prime Minister Narendra Modi pledged to end Russian oil purchases, which account for roughly one-third of India’s imports. Analysts said such a shift would remove a major buyer from Moscow’s market and likely support prices elsewhere.
“This is a positive development for crude prices,” said IG analyst Tony Sycamore.
India’s government stopped short of confirming Trump’s comments, emphasizing its twin priorities of price stability and supply security. Russia, meanwhile, expressed confidence that its partnership with India would continue.
Adding pressure on Moscow, Britain imposed new sanctions on energy giants Rosneft and Lukoil, while Ukrainian drone strikes again disrupted refinery operations across Russia, including at Saratov and Ufaneftekhim.
“The plummeting availability of Russian products and crude oil ought to set a floor under the market,” said PVM’s Tamas Varga. “This year’s low of $58.40 for Brent may be tough to breach.”
In the U.S., inventories climbed as refineries entered maintenance season. The Energy Information Administration reported a 3.5-million-barrel rise in crude stocks to 423.8 million barrels, far above expectations for a modest build.
UBS analyst Giovanni Staunovo called the report “modestly bearish,” noting a “large crude build offset by weaker implied demand.”