- Oil rallies following four consecutive losses
- The WTI prompt-month contract rose $0.93 to $66.09/Bbl Wednesday morning (7:45 AM CT)
- President Trump said he would push forward with higher tariffs on India, stating their Russian crude purchases are “fueling the war machine”
- US special envoy Steve Witkoff held talks with Russian President Vladimir Putin in Moscow on Wednesday, two days before Trump’s deadline to announce a ceasefire
- Trump says he will impose secondary tariffs on purchasers of Russian energy while clarifying that levies on semiconductor and pharmaceutical imports would be announced “withing next week or so”
- According to Bloomberg, the world is facing an average tariff rate of 15%, roughly six times higher than they were a year ago
- Raghuram Rajan, former Indian central bank governor, say “this is a serious demand shock,” while Deborah Elms of Hinrich Foundation says, “it’s a very high tariff wall” and notes that the cost will be significantly higher for American companies and consumers
- The API reported US crude inventories fell 4.2 MMBbls last week
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