Oil up 1% after Trump says India promised to stop buying from Russia

Oil prices rose around 1% on Thursday after U.S. President Donald Trump said Indian Prime Minister Narendra Modi had pledged his country would stop buying oil from Russia, a move that could drain supply elsewhere. Brent crude futures rose 54 cents, or 0.87%, to $62.45 a barrel by 0430 GMT. U.S. West Texas Intermediate (WTI) futures climbed 57 cents, or 0.98%, to $58.84. Both contracts touched their lowest since early May in the previous session on U.S.-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. Trump said on Wednesday that India - which taps its top supplier Russia for about one-third of its oil imports - would halt oil purchases from Russia, and the U.S. would next try to get China to do the same as Washington intensifies efforts to cut off Moscow’s energy revenues and pressure it to negotiate a peace deal in Ukraine.