Oil prices steadied on Wednesday after a sharp drop in the previous session, as markets braced for the impact of new U.S. tariffs on India over its continued purchases of Russian crude.
Washington raised duties on Indian exports by another 25 percent at 04:01 GMT, bringing the total levy to 50 percent — one of the steepest tariff regimes ever imposed by the U.S.
The move, announced by President Donald Trump, comes as India has expanded its intake of discounted Russian oil since the invasion of Ukraine, with Western sanctions forcing Moscow to slash shipment prices, reports Al-Rai.
Kuwaiti crude rose to $71.67 a barrel, compared to $71.33 a day earlier. Analysts say investors remain cautious amid uncertainty over the fallout of the tariffs, which could dampen demand and trade flows.
Brent crude futures edged up 2 cents to $67.24 a barrel, while U.S. West Texas Intermediate held steady at $63.25, following Tuesday’s 2 percent drop from recent two-week highs.
Indian refiners, including Indian Oil and Bharat Petroleum, briefly slowed Russian purchases after Washington’s announcement and EU pressure on Nayara Energy, but have since resumed buying for September and October, with Indian Oil affirming it will continue sourcing Russian crude based on economic considerations.
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