Oil prices rose around 1 per cent on Thursday. Brent crude futures gained 54 cents, or 0.87 per cent, to $62.45 a barrel by 0430 GMT, while US West Texas Intermediate (WTI) futures climbed 57 cents, or 0.98 per cent, to $58.84. Both benchmarks had touched their lowest levels since early May in the previous session amid US-China trade tensions and warnings from the International Energy Agency (IEA) of a potential surplus next year due to rising OPEC+ and rival output. Trump said that India, which sources about one-third of its crude from Russia, would halt purchases as part of Washington's efforts to curb Moscow's energy revenues and push for peace in Ukraine. The Indian embassy in Washington did not immediately comment, though sources told Reuters that some Indian refiners were preparing for a gradual reduction in Russian imports. US Treasury Secretary Scott Bessent said he had informed Japan's Finance Minister Katsunobu Kato that the US also expects Japan to end Russian energy imports. Meanwhile, the UK government imposed new sanctions targeting Russia's Rosneft and Lukoil, along with 44 tankers, four oil terminals, and the Russian-owned Nayara Energy refinery in India. Analyst Tony Sycamore of IG said the move could support prices by removing one of the biggest buyers of Russian crude. Later in the day, investors awaited the US Energy Information Administration's weekly inventory report after mixed figures from the American Petroleum Institute showed crude and gasoline stocks rising by 7.36 million and 2.99 million barrels, respectively, while distillate inventories fell by 4.79 million barrels. Analysts expect US crude stockpiles to have risen by around 0.3 million barrels last week. Attribution: Reuters
