SHOTLIST:

NEW YORK, UNITED STATES (MARCH 8, 2022) (ANADOLU – ACCESS ALL) (FILE FOOTAGE)

1. VARIOUS DRONE SHOTS SHOWING PHILIPS 66 OIL REFINERY


NEW YORK, UNITED STATES (MARCH 8, 2022) (ANADOLU – ACCESS ALL) (FILE FOOTAGE)

2. VARIOUS DRONE SHOTS SHOWING PHILIPS 66 OIL REFINERY


ELMET, TATARSTAN (RECENT, 2023) (ANADOLU – ACCESS ALL) (FILE FOOTAGE)

3. VARIOUS OF OIL WELLS AT TANEFT FIELDS

4. VARIOUS OF STAFF WORKING NEAR OIL WELLS

5. VARIOUS OF OIL WELLS (FILE FOOTAGE) NEW YORK, UNITED STATES / ELMET, TATARSTAN: Oil prices slipped on Thursday as new US tariffs on India fueled trade concerns and expectations of weaker fuel demand with the end of the summer driving season.

Brent crude was trading at $66.94 per barrel at 10.18 a.m. local time (0718 GMT), down 0.33% from the previous close of $67.16.

US benchmark West Texas Intermediate (WTI) fell 0.25% to $63.48 from $63.64 in the prior session.

US President Donald Trump's decision to raise tariffs on Indian goods to 50% took effect on Wednesday.

Markets are also watching how New Delhi will respond to US pressure to curb Russian oil imports, with analysts predicting that India will likely continue to buy Russian crude in the short term.

- US inventories fall but demand outlook weakens

US commercial crude oil inventories fell by 0.6% in the week ending Aug. 22, dropping about 2.4 million barrels to 418.3 million barrels, the Energy Information Administration said late Wednesday. That was above forecasts for a 1.7 million-barrel decline.

Also, gasoline inventories slipped by 1.2 million barrels to 222.3 million.

While the drawdown underscored strong summer demand, analysts warned that consumption is likely to ease as the travel season winds down. Investor caution over future demand kept pressure on prices.

Meanwhile, expectations that the Federal Reserve will cut interest rates in September lent support, with analysts saying lower borrowing costs could spur economic growth and boost fuel demand.