Crude oil prices dropped by 0.25% to ₹6,334 due to tensions between OPEC+ and the former US President, who has called for increased oil supply to curb high prices.
The US decision to impose 25% tariffs on Mexico and Canada and 10% on China added to market uncertainty. US crude inventories rose by 3.463 million barrels, exceeding expectations of a 3.2 million-barrel build.
Gasoline stocks saw a larger-than-expected rise of 2.957 million barrels, while distillate inventories fell by 4.994 million barrels.
The EIA expects global oil production to average 104.4 million barrels per day in 2025, with US oil production forecasted to hit 13.55 million barrels this year.
