- Oil steadies as traders await Trump’s next move on Russia
- The WTI prompt-month contract rose $0.32 to $64.20/Bbl Friday morning (7:45 AM CT)
- President Trump doubled the levies on all Indian imports to 50% as a penalty for the country’s large purchases of Russian barrels
- Treasury Secretary Scott Bessent said the US may also impose tariffs on China for its purchases of Russian energy
- Trump said he’d be willing to meet with Russian President Vladimir Putin, even if Putin had not yet agreed to also sit down with Ukrainian President Volodymyr Zelensky
- Trump mentioned the possibility of additional penalties over the war in Ukraine as soon as Friday
- According to Bloomberg, prompt supplies of Russia’s Urals crude are being offered to Chinese buyers at cheaper prices
- Chinese imports of Urals are not typically part of processors’ regular appetite due to geographical distance and high freights costs
- Jianan Sun, an analyst at Energy Aspects, said China is unlikely to absorb all the Russian barrels displaced from India because Urals is not a base-load grade for Chinese state-owned refineries
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