US tariffs on India : West Texas Intermediate (WTI) Oil price moves little after registering more than 2% decline in the previous session, trading around $63.10 per troy ounce during the Asian hours on Wednesday. Crude Oil prices remain steady as traders adopt caution ahead of new United States (US) tariffs on India, the world’s third-largest crude importer.
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US tariffs on India
The United States is set to impose additional tariffs of 25% on Indian exports at 04:01 GMT on Wednesday, in response to its Oil purchases from Russia. The tariffs will reach 50% overall and among the highest levied by Washington.
Markets are weighing the potential demand effects after Indian refiners resumed Russian crude purchases for September and October. Indian refiners reduced their Russian Oil purchases for a brief period, prompted by US tariffs and EU sanctions.
Russia and Ukraine
Meanwhile, Russia and Ukraine have intensified strikes on each other’s energy infrastructure. Following last week’s attacks. Russia raised its August crude export plan from western ports by 200,000 barrels per day compared with the initial schedule, Reuters reported on Tuesday, citing three sources.
Federal Reserve’s independence
Traders monitor further developments over the Federal Reserve’s independence. President Trump said on Tuesday that he was ready for a legal fight with Fed Governor Lisa Cook after he moved to oust her from her post over falsified mortgage documents, per Bloomberg.
American Petroleum Institute (API) data showed US Weekly Crude Oil Stock fell nearly 1 million barrels, undershooting expectations for a 1.7 million-barrel draw. The previous decline was 2.4 million barrels.