Crude oil prices were set for a sharp weekly loss on August 8, 2025, as concerns over new US tariffs and increased OPEC+ output weighed heavily on market sentiment.
Brent crude traded at $66.39 per barrel, while West Texas Intermediate stood at $63.79 per barrel, both down from their August 7 closing prices.
The decline came despite US President Donald Trump’s announcement of an additional 25% tariff on all Indian imports in response to India’s purchases of Russian crude.
Analysts estimate the tariffs could put about 3.5 million barrels per day of oil supply at risk.
According to ING commodity analysts, reports of a possible meeting between President Trump and Russian President Vladimir Putin also pressured prices. The outcome of the talks could determine whether the secondary tariffs on India remain in place.
Trump’s deadline for securing a Russia-Ukraine peace deal also expires on August 8, raising the possibility of tougher US sanctions against Moscow if no agreement is reached.
Meanwhile, Indian refiners are moving to diversify supply sources. Reuters reported that two state-owned companies have secured around 22 million barrels from non-Russian producers for delivery in the coming months.
On a more positive note, China’s crude oil imports in July rose 11.5% year-on-year to an average of 11.2 million barrels per day.
However, this was still 5.4% lower than June’s 12.14 million barrels per day, the highest in nearly two years which is a surge driven by restocking after refinery maintenance and opportunistic purchases of discounted sanctioned oil.
