22.08.202501:20:21UTC+00Oil Set for Weekly Gain

WTI crude oil futures maintained a position above $63.5 per barrel on Friday, poised for their first weekly increase in three weeks. This rise was fueled by indications of robust US demand and uncertainties surrounding peace discussions between Russia and Ukraine. The most recent US inventory data revealed the largest nationwide draw since mid-June. However, ongoing accumulation at Cushing suggested that underlying demand might be softer, with the more significant decline being partially attributed to increased refinery runs and stronger export figures. Simultaneously, investors paid close attention to the ongoing negotiations between Russia and Ukraine. Although Washington has advocated for direct engagement, the Kremlin has remained reserved. Additionally, the US has intensified its stance towards India regarding its purchases of Russian crude by implementing a 25% tariff on Indian goods, set to take effect on August 27. Oil comprises nearly 35% of India's total imports. In a separate development, traders anticipated Federal Reserve Chair Jerome Powell's remarks at Jackson Hole later today, seeking insights into monetary policy that might affect global demand.