Oil Rises 1% After Trump Says India Promised To Stop Buying Oil From Russia

Oil prices rose around 1% on Thursday after US President Donald Trump said that Indian Prime Minister Narendra Modi had pledged his country would stop buying oil from Russia.

Brent Crude futures rose 57 cents, or 0.9%, to $62.48 a barrel. US West Texas Intermediate (WTI) futures climbed 54 cents, or 0.9%, to $58.81.

Both contracts touched their lowest since early May in the previous session on US-China trade tensions and after the International Energy Agency warned of a big surplus next year as OPEC+ producers and rivals lift output amid weak demand.