Oil futures end volatile week lower
Plans for a Trump-Putin meeting have also taken off some of the upside. “Flat price and spreads are sending surprisingly bearish signals,” Neil Crosby of Sparta Commodities says in a note. “It does seem like spreads should be reacting to evidence that various Indian refiners are fairly active on the spot crude market, both light and medium quality and from a variety of origins.”
Wall Street Journal, August 8, 2025 – Oil futures ended the week flat but posted sharp weekly losses, with WTI down 5.1% and Brent off 4.4%, as traders weighed OPEC+’s plan to boost September output by 547,000 bpd against seasonal demand weakness and concerns over U.S. tariffs on Indian imports of Russian crude. Market sentiment stayed cautious despite speculation that reduced Russian flows could be price-supportive, with spreads showing unexpectedly bearish signals amid evidence of Indian refiners actively buying spot crude from diverse sources.
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