SHOTLIST: NEW YORK, UNITED STATES (MARCH 8, 2022) (ANADOLU – ACCESS ALL) (FILE FOOTAGE) 1. VARIOUS OF DRONE SHOTS SHOWING PHILIPS 66 OIL REFINERY ELMET, TATARSTAN (AUGUST, 2023) (ANADOLU – ACCESS ALL) (FILE FOOTAGE) 2. VARIOUS OF OIL WELLS AT TANEFT FIELDS 3. VARIOUS OF STAFF WORKING NEAR OIL WELLS 4. VARIOUS OF OIL WELLSUS - TATARSTAN - FILE FOOTAGE: Oil prices edged higher on Thursday after US President Donald Trump said that India would stop importing oil from Russia, a move that helped alleviate oversupply concerns and lifted market sentiment, despite lingering uncertainties over US-China trade tensions. Brent crude was trading at $62.39 per barrel at 11.05 a.m. local time (0805 GMT), up 0.24% from the previous close of $62.24. US benchmark West Texas Intermediate (WTI) also rose 0.29% to $58.50, compared to $58.33 in the prior session. The modest price increase occurred amid shifting supply expectations and renewed geopolitical uncertainty. The International Energy Agency (IEA) warned this week of a potential global oil supply surplus due to rising output from OPEC+ countries and the US. However, Trump's statement on India's planned move to halt Russian imports eased those fears. Trump said that while imports wouldn't stop immediately, the process would be completed "soon." He also urged China to follow India's lead. Meanwhile, traders remained cautious over the prospect of renewed US-China trade tensions. Last week, Trump announced a 100% tariff on Chinese goods effective Nov. 1 in response to Beijing's restrictions on rare earth exports. Though he later said trade tensions "will be resolved," markets remained wary. US Treasury Secretary Scott Bessent added to the uncertainty, stating that China "can't be trusted" and urging allies to reduce risks by diversifying sources. Oil prices also found additional support from expectations of a Fed rate cut at its October meeting. Fed Chair Jerome Powell's dovish tone earlier this week triggered a pullback in the dollar, providing support to oil. Prices, which had hit a five-month low earlier in the week, are now recovering modestly as easing oversupply fears and a weaker dollar boost investor confidence.