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Oil Holds Decline as Higher US Tariff on India Set to Kick In

Bloomberg · last updated

Oil held a steep drop as investors counted down to the imposition of higher US tariffs on India over imports of Russian crude, with no signs of a major shift in local refiners’ purchasing patterns.

Brent was near $67 a barrel after falling more than 2% in the previous session, while West Texas Intermediate traded above $63. The US is set to double levies on some Indian goods to 50% to punish the country for taking Moscow’s oil. Even with the higher rate due to take effect at 12:01 a.m. Washington time, local processors plan to maintain the bulk of their purchases.

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