Crude oil prices were headed for a steep weekly drop on August 8, 2025, as a combination of tariff fears and OPEC+ production weighed heavily on market sentiment, fueling bearishness among traders.

Brent crude was trading at $66.39 per barrel, while West Texas Intermediate stood at $63.79 per barrel, both lower than their August 7, 2025, closing prices.

Prices fell despite US President Donald Trump’s decision to impose an additional 25% tariff on all Indian imports as punishment for India’s purchases of Russian crude. Analysts estimate the new tariffs could jeopardise about 3.5 million barrels per day of oil supply.

According to ING commodity analysts, news of a possible meeting between President Trump and Russian President Vladimir Putin also put pressure on oil prices.

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The meeting is seen as pivotal, as it could influence whether secondary tariffs on India remain in place, depending on the outcome of discussions.

However, President Trump’s deadline for securing a Russia–Ukraine peace deal expires on Friday, August 8, 2025, leaving open the possibility that the US will tighten sanctions against Moscow.

Meanwhile, reports indicate that Indian refiners are seeking alternative oil supplies. Reuters noted that two state-owned majors had secured approximately 22 million barrels from non-Russian sources for delivery in the coming months.

On the bullish side, China’s crude oil imports rose in July by 11.5% year-on-year to an average of 11.2 million barrels per day. However, this figure was 5.4% lower compared to June, when imports surged to 12.14 million bpd, the highest in nearly two years.

The June spike reflected both restocking after refinery maintenance and opportunistic buying by independent refiners taking advantage of steep discounts on sanctioned barrels.

SP/MA