Oil prices rose from a five-month low after US President Donald Trump said that Indian Prime Minister Narendra Modi promised to stop buying Russian oil, Bloomberg writes. This could reduce global supply, the agency explains.

Brent crude futures jumped 0.9% to $62.5 after declining 2.2% over the previous two days. Contracts for U.S. West Texas Intermediate (WTI) rose 1% to almost $59. By the time this text was published, both Marks had reduced growth and were adding within 0.5%.

Trump's statement did not include an exact timeline for when India should start phasing out Russian crude imports, and there has been no official confirmation from New Delhi yet. Three of the six Indian energy executives interviewed told Bloomberg that the country's oil supplies from Russia could indeed decline in the short term.

"This is a positive for oil prices as a major buyer of Russian oil, India, will be leaving the market," CNBC quoted IG analyst Tony Sycamore as saying.

The next step, according to Trump, will be to try to convince China to do the same, CNBC reports. Washington is taking action to cut Moscow's hydrocarbon revenues to force it to negotiate peace in Ukraine, the US president said.

On Wednesday, October 15, oil fell to its lowest level since early May amid escalating trade tensions between the U.S. and China, and after the International Energy Agency warned of a possible supply glut next year due to increased production by OPEC+ countries and their competitors, CNBC noted.

This article was AI-translated and verified by a human editor

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