2025-08-08 07:00:00
OIL PRICE: BRENT ABOVE $66, WTI NEAR $64
REUTERS - Aug 8, 2025 - Oil prices were little changed in early Asian hours on Friday, but were headed for their steepest weekly losses since late-June, as investors expressed concern over the impact to the global economy from tariffs that kicked into effect on Thursday.
Brent crude futures were down three cents to $66.40 a barrel at 0050 GMT, on track to decline more than 4% week-over-week. U.S. West Texas Intermediate crude futures were down six cents, or 0.1%, to $63.82 a barrel, set to fall more than 5% on a weekly basis.
Higher U.S. tariffs against a host of trade partners went into effect on Thursday. The tariffs raised concerns of weaker economic activity, which would hit demand for crude oil, ANZ Bank analysts said in a note.
Oil prices were already reeling from the OPEC+ group's decision last weekend to fully unwind its largest tranche of output cuts in September, months ahead of target.
At Thursday's close, WTI futures had dropped for six consecutive sessions, matching a declining streak last recorded in December 2023. If prices settle lower on Friday, it will be the longest streak since August 2021.
Adding more pressure on the oil market, the Kremlin on Thursday confirmed Russian President Vladimir Putin would meet U.S. President Donald Trump in the coming days, raising expectations of a diplomatic end to the war in Ukraine.
Additional U.S. tariffs against India for buying Russian crude oil helped limit the decline in oil prices to some extent. The move, however, is unlikely to reduce the flow of Russian oil to outside markets in a material way, StoneX analysts wrote to clients on Thursday.
Trump on Wednesday also said China, the largest buyer of Russian crude oil, could be hit with tariffs similar to those being levied against Indian imports.
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Earlier:
2025, August, 7, 07:00:00
OIL PRICE: BRENT NEAR $67, WTI ABOVE $64
Brent fell 75 cents, or 1.1%, to settle at $66.89 a barrel, WTI dropped 81 cents, or 1.2%, to settle at $64.35.
2025, August, 7, 06:50:00
RUSSIAN OIL FOR INDIA: SANCTIONS
Trump's threat to India over its purchases of Russian oil started on July 31, when he announced a 25% tariff for Indian goods, along with an unspecified penalty.
2025, August, 5, 06:55:00
ОПЕК + РОССИЯ + САУДОВСКАЯ АРАВИЯ
Ещё одной темой переговоров стала ситуация на нефтяном рынке и перспективы сотрудничества двух стран в рамках ОПЕК+.
2025, August, 5, 06:50:00
OPEC+: MARKET STABILITY
The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation.
2025, July, 30, 07:00:00
OIL PRICE: BRENT NEAR $72, WTI ABOVE $69
Brent rose 8 cents, or 0.12%, to $71.81 a barrel, WTI gained 8 cents, or 0.12%, to $69.29 a barrel.
2025, July, 30, 06:50:00
OPEC+ RUSSIA: OVERALL CONFIRMITY
The Committee reiterated the critical importance of achieving full conformity and compensation, and requested countries that did not achieve full conformity to submit updated compensation plans to the OPEC Secretariat by 18 August 2025.
2025, July, 30, 06:45:00
GLOBAL ENERGY DEMAND: +23%
Global primary energy demand is set to rise from 308 million barrels of oil equivalent (mboe/d) in 2024 to 378 mboe/d in 2050.
2025, June, 3, 06:55:00
OPEC+ RUSSIA OIL PRODUCTION: +411 TBD
In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on 5 December 2024 to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from 1 April 2025, the eight participating countries will implement a production adjustment of 411 thousand barrels per day in July 2025 from June 2025 required production level.