Brent crude futures rose 54 cents, or 0.87%, to $62.45 per barrel on Thursday, October 16. U.S. West Texas Intermediate (WTI) crude futures rose 56 cents, or 0.96%, to $58.83. Details are provided by Reuters.
Contracts stabilized after reaching their lowest level since early May in the previous session due to trade tensions between the United States and China.
US President Donald Trump said on Wednesday, October 15, that Indian Prime Minister Narendra Modi promised to stop buying oil from Russia, which is the largest supplier to the Indian market.
Some Indian refineries are preparing to reduce imports of Russian oil, expecting a gradual decline, three sources familiar with the situation told Reuters. But the Indian authorities responded by saying that the main goals of New Delhi are to ensure stable energy prices and reliable supplies, without mentioning Trump's comments.