Oil Prices Hold Three-Day Gain With Trump's Next Russia Move In Focus

Oil steadied after a three-day gain as investors weighed Donald Trump’s latest comments regarding Russia and whether the US president will follow through with measures to punish Moscow for the Ukraine war.

Trump questioned Russia’s incursion into Polish airspace in a social media post on Wednesday, prompting oil futures to spike briefly as investors covered short positions. West Texas Intermediate was near $64 a barrel on Thursday after closing 1.7% higher in the previous session. Brent settled above $67. 

The post followed remarks by the US president to European Union officials that he’s willing to add new tariffs on India and China, the top buyers of Russian oil, in an effort to get Moscow to negotiate with Ukraine — but only if EU nations do so as well. So far, Trump has only targeted New Delhi for the trade.

Oil is still lower this year, with a looming glut toward the end of 2025 set to put downward pressure on prices. US crude inventories rose by 3.9 million barrels last week, though they still remain below the five-year seasonal average, according to government data released on Wednesday.

Prices:

• WTI for October delivery was little changed at $63.77 a barrel at 7:33 a.m. in Singapore.

• Brent for November settlement closed 1.7% higher at $67.49 a barrel on Wednesday.