Oil steadies on reports of US-Russia deal, ends week about 5% lower
“Indian refiners will still struggle to replace the heavy quality of Russian crude so they may end up paring runs,” said Neil Crosby from Sparta.
Reuters, August 8, 2025 – Oil prices steadied Friday but logged their steepest weekly drop since late June, with Brent down 4.4% and WTI off 5.1%, as traders weighed a potential U.S.-Russia deal to end the Ukraine war, fresh U.S. tariffs on major crude buyers, and a September OPEC+ output hike of 547,000 bpd. Hopes of eased sanctions from a Trump-Putin meeting were offset by concerns that higher tariffs on India, and potentially China, could dent demand, while bearish sentiment deepened on rising U.S. rig counts and the full unwinding of OPEC+ voluntary cuts.
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