[Fri, 11 Jul 2025 17:54:47 +0300]


Singapore - SABA

Oil prices rose in Asian trading on Friday as markets anticipated a potential U.S. announcement regarding Russia that could lead to new sanctions affecting global supplies.

Brent crude futures increased by 19 cents (0.28%) to $68.83 per barrel, while U.S. West Texas Intermediate (WTI) crude futures rose by 24 cents (0.36%) to $66.81 per barrel.

The price increase followed U.S. President Donald Trump's statement about an upcoming announcement concerning Russia. However, gains remained limited due to market concerns about tariff implications and rising production from the OPEC+ alliance.

Oil prices faced pressure earlier this week after OPEC+, which includes the Organization of Petroleum Exporting Countries (OPEC) and its allies, agreed to increase production by 548,000 barrels per day starting next August in an effort to balance supply and demand.

Markets also declined on Thursday, with benchmark crude losing over 2% due to concerns about the impact of U.S. trade policies on global economic growth and energy demand.

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