Oil rises after Trump says India will stop buying Russian crude

16/10/2025 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices rose about 1% today, Oct. 16, following statements by US President Donald Trump that India had pledged to stop purchasing Russian crude oil.

 

Brent crude was trading up 0.9% at $62.47 a barrel, at 08:01 am Makkah time, and West Texas Intermediate (WTI) rose 1% to $58.87 a barrel.

 

Trump said in press statements on Oct. 15 that Indian Prime Minister Narendra Modi assured him that India would stop importing oil from Russia, and that the US would later seek a similar stance from China.

 

The American Petroleum Institute estimated that crude oil inventories rose by 7.36 million barrels during the week ending Oct. 10, while investors await official data from the Energy Information Administration later today.

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