Oil rises 1% after Trump says India promised to stop buying from Russia

Group 1 - Oil prices increased by approximately 1% following U.S. President Trump's announcement that Indian Prime Minister Modi pledged to stop purchasing oil from Russia, potentially impacting global supply [1][3] - Brent crude futures rose by 56 cents (0.9%) to $62.47 per barrel, while U.S. West Texas Intermediate (WTI) futures climbed by 58 cents (1%) to $58.85 [1] - The previous session saw both contracts reach their lowest levels since early May due to U.S.-China trade tensions and warnings from the International Energy Agency about a significant surplus in the coming year as OPEC+ and other producers increase output amid weak demand [2] Group 2 - India, which relies on Russia for about one-third of its oil imports, stated that its primary goals are to ensure stable energy prices and secure supply, without acknowledging Trump's comments [4][5] - Some Indian refiners are reportedly preparing to gradually reduce their imports of Russian oil [4] - The U.S. Treasury Secretary indicated expectations for Japan to also cease importing Russian energy, highlighting the geopolitical pressure on major buyers of Russian crude [5] Group 3 - Market analysts view India's potential reduction in Russian oil purchases as a positive development for crude oil prices, as it would eliminate a significant buyer [6] - The UK government has imposed new sanctions targeting major Russian energy companies, including Rosneft and Lukoil, which may further affect the supply dynamics [6][7] - Investors are anticipating the release of weekly U.S. inventory statistics from the Energy Information Administration (EIA) following mixed data from the American Petroleum Institute (API) [7]