Oil prices dipped as investors weighed concerns over a potential oversupply amid ongoing geopolitical tensions, including US-led efforts to resolve the war in Ukraine. West Texas Intermediate (WTI) crude fell toward $64 a barrel, with the US benchmark down more than 7% for August, while Brent crude saw a slight gain on Thursday. This marks the first monthly decline for crude since April, driven by fears that global oil supplies may outpace demand in the coming months, leading to higher stockpiles. Market focus remains on Ukraine and crude exports from Russia, an OPEC+ member. The White House indicated that US President Donald Trump might issue a statement on the situation between Moscow and Kyiv later Thursday. Earlier this week, Washington imposed a 50% tariff on most Indian imports as a penalty for India’s continued purchase of Russian crude.
WTI for October delivery dropped 0.6% to $64.24 a barrel in Singapore trading, while Brent for October, expiring Friday, closed 0.8% higher at $68.62 a barrel.
