WTI crude oil futures rose toward $59 per barrel on Thursday, rebounding from a five-month low, after US President Donald Trump announced that Indian Prime Minister Narendra Modi had pledged to halt purchases of Russian oil. Trump noted, however, that New Delhi was not in a position to end purchases immediately and vowed to also press China to reduce Russian oil imports, with both nations being key consumers, as Washington steps up pressure on Moscow’s energy revenues. The announcement helped temper lingering fears of a potential supply glut, following the IEA’s forecast of a surplus of up to 4 million barrels per day by 2026. Meanwhile, industry data showed that US crude inventories jumped by 7.4 million barrels last week, which would mark the largest increase since July if confirmed by official figures. The buildup has added to demand concerns amid heightened US-China trade tensions that continue to cloud the consumption outlook.
