Oil: Brent Bounces Back Above $62
Brent crude oil futures rose 2% to $62.5 per barrel on Wednesday, rebounding from near multi-year lows, as reports suggested the US and India may reach a trade deal that could see India gradually reduce imports of Russian crude, boosting demand for other sources. President Trump said Indian Prime Minister Modi assured him of the wind-down, though Modi acknowledged the call without details. India’s refiners have signaled they may trim, but not halt, imports. Meanwhile, the EU is expected to approve a 19th Russia sanctions package after Slovakia dropped objections. Additionally, the US Energy Department announced plans to add 1 million barrels to the Strategic Petroleum Reserve, potentially tightening near-term supply. EIA data also showed that US crude inventories fell by nearly 1 million barrels last week, the first decline in four weeks, while fuel stockpiles, including gasoline, also dipped more than expected.