FX.co ★ WTI Climbs on Russia Supply Fears

On Tuesday, WTI crude oil futures climbed by 1.6% to close at $65.60 per barrel, driven by geopolitical tensions and concerns over supply. The market's upward movement was influenced by reports of Ukrainian drone strikes that have affected facilities, accounting for approximately 17% of Russia’s refining capacity. President Zelenskyy has indicated further attacks are planned. In another development, the United States escalated tensions by introducing new tariffs on Indian products in response to India's ongoing purchases of Russian crude, which provoked strong criticism from New Delhi. However, the U.S. refrained from targeting China, Russia's largest oil consumer, directly. This situation highlights the increasing complexities in global energy trade, as Russia, China, and India demonstrated unity at the recent SCO summit. On the supply front, attention is centered on a September 7 meeting of an eight-member OPEC+ panel, which includes Russia and Saudi Arabia. Analysts are predicting that production levels are unlikely to change.