- Oil climbs despite wave of bearish market forecasts
- The WTI prompt-month contract rose $0.52 to $63.17/Bbl Thursday morning (7:57 AM CT)
- Downbeat projections from the IEA and EIA point to rising OPEC+ and non-OPEC supply in Q4
- RBC’s Brian Leisen said supplies “are primed to back up in the Atlantic Basin,” adding that crude balances for the rest of the year look weaker than a year ago
- Traders are watching Friday’s US–Russia summit, which could bring an easing of sanctions on Moscow
- President Trump warned of “very severe consequences” if Vladimir Putin refuses a ceasefire agreement this week
- Bloomberg reports Indian refiners are seeking alternative crude ahead of the summit
- Trump doubled tariffs on Indian goods in retaliation for Russian energy imports
- State processors in India purchased significant volumes of non-Russian crude this week for prompt September–October delivery
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