Brent fell $1.44, or 2.07%, to $68.02, WTI fell $1.34 cents, or also 2.06%, to trade at $63.80.

The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 1 February 2026, to review global market conditions and outlook.

Indian stocks and the rupee rallied on Trump’s remarks on Tuesday, but halting Russian oil purchases in particular would be a major concession for the Modi government, which has repeatedly insisted that buying crude wherever it wants is a matter of “strategic autonomy”.

Brent fell 12 cents, or 0.2%, to $63.05 a barrel. WTI was down 7 cents, or 0.1%, to stand at $59.25 a barrel.

Speaking to journalists, Putin said he "hoped" the latest US sanctions on Russia's oil sector -- targeting Rosneft and Lukoil directly -- wouldn't unduly impact the market, but warned removing Russian oil was likely to push up prices, saying he had "discussed this with my American colleagues."

Brent rose 22 cents, or 0.4%, to $63.54 a barrel , WTI was at $59.71 a barrel, up 22 cents, or 0.4%.

Brent rose 22 cents, or 0.4%, to $63.54 a barrel , WTI was at $59.71 a barrel, up 22 cents, or 0.4%.

The overall impact on China’s crude demand should be short-lived as traders re-route cargoes to other ports, Energy Aspects said.

The Organization of the Petroleum Exporting Countries and its allies, led by Russia, a group known as OPEC+, have been unwinding previously agreed oil production cuts to regain market share from rivals such as U.S. shale producers.

In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, the eight participating countries decided to implement a production adjustment of 137 thousand barrels per day from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023.