Oil prices ticked upward on Thursday in the global commodities market after the Group of Seven (G7) industrialized nations unveiled fresh measures aimed at tightening restrictions on countries purchasing crude oil from Russia.
Geopolitical instability in the Middle East and weakening demand from China continue to weigh on global supply, even as India maintains strong energy ties with Moscow. This ongoing trade relationship has drawn further scrutiny from the United States, which has imposed sanctions to limit Russia’s energy revenues.
The rebound in prices came as traders assessed a larger-than-expected build-up in US crude inventories alongside renewed signals that the G7 intends to intensify financial pressure on Moscow’s oil exports.
Brent crude climbed to $65.46 per barrel, slightly above its previous close of $65.32, while West Texas Intermediate (WTI), the US benchmark, advanced 0.25% to $61.77 from $61.61 in the earlier session.
In a statement following a virtual meeting on Wednesday, G7 finance ministers confirmed plans to target buyers of Russian crude and entities accused of helping Russia bypass existing sanctions.
“Now is the time to maximize pressure on Russia’s oil exports, which remain a critical source of revenue,” the ministers declared, adding that countries expanding their Russian oil purchases since the Ukraine invasion could face consequences.
The group said it would gradually phase out remaining Russian hydrocarbon imports, consider restrictions on refined oil products, and evaluate penalties for nations providing Moscow with indirect support. The matter is expected to be discussed further during the IMF and World Bank annual meetings in Washington on October 15.
Market analysts noted that the threat of stricter sanctions heightened concerns about potential supply disruptions, offering some price support.
Meanwhile, data from the US Energy Information Administration showed commercial crude inventories rose by 1.8 million barrels last week to 416.5 million, exceeding forecasts of a 1.5 million-barrel increase. Gasoline stockpiles also expanded, rising by 4.1 million barrels to 220.7 million. Strategic petroleum reserves climbed by 700,000 barrels to 406.7 million.
Investors are now turning their attention to the upcoming October 5 OPEC+ meeting, where major producers including Saudi Arabia, Russia, Iraq, and the UAE will decide on November production quotas. Last month, the alliance agreed to increase output by 137,000 barrels per day for October. Analysts suggest expectations of continued production hikes may fuel concerns of oversupply in the months ahead.
 industrialized nations unveiled fresh measures aimed at tightening restrictions on countries purchasing crude oil from Russia.){kind=link}