India, Aug. 6 -- Crude oil lost early gains on Wednesday with a US envoy in Russia sending positive signals after negotiations on a ceasefire with Ukraine. Russia faces a threat of US sanctions on its oil exports after August 8 if it fails to reach a deal to end its war with Ukraine.
Today, WTI Crude Oil for September delivery was last seen trading down by $0.96 (or 1.47%) at $64.20 per barrel.
US President Donald Trump recently threatened Russia to stop its war with Ukraine or face severe sanctions and added that countries buying oil from Russia would also face high "secondary sanctions." He set August 8 as a deadline date.
Today, Trump announced an extra 25% tariff on India as a "penalty" for the continued import of Russian crude oil, ...