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Oil prices rise as Trump threatens tariffs on India
Oil prices bounced back this Wednesday, rebounding from a five-week low.
The reason? US President Donald Trump threatened tariffs on India for buying Russian oil, sparking worries about global supply.
Brent crude hit $67.93 a barrel, and US West Texas Intermediate climbed to $65.44.
OPEC+ production boost, US oil stockpiles drop
OPEC+ is set to boost oil production in September, which could flood the market with an extra 547,000 barrels per day.
Meanwhile, India called Trump's tariff move "unjustified," turning up the heat between the two countries.
With US oil stockpiles dropping by 4.2 million barrels last week and India being a major oil buyer, everyone's watching to see how this drama plays out for global prices.