News that U.S. President Donald Trump and Russian President Vladimir Putin will meet early next week also weighed on oil prices. The meeting raises the possibility of a diplomatic resolution to the war in Ukraine, which could lead to an easing of sanctions on Russia.
Higher U.S. tariffs on imports from several major trade partners took effect on Thursday, fueling concerns about economic activity and crude oil demand. This week, President Trump warned that tariffs on India could rise if it continues buying Russian oil. He also said China — the largest purchaser of Russian crude — could face similar duties to those imposed on Indian imports.
OPEC+ agreed on Sunday to increase oil production by 547,000 barrels per day in September — the latest in a series of accelerated output hikes aimed at regaining market share and boosting supply.
With the prospect of changes to the Federal Reserve’s makeup under President Trump, expectations for an interest rate cut have increased. Lower interest rates reduce consumer borrowing costs, potentially stimulating economic growth and boosting oil demand.

Bitumen prices declined in most parts of the world. European export prices fell, driven by declines in crude oil and fuel oil values. In Rotterdam and the Baltic region, export cargo prices stood at $452 and $447/t, respectively, reflecting a $13 decline. In Italy and Spain, prices also fell by $15 compared to the previous week, settling at $413/t and $420/t, respectively.
Mediterranean cargo prices declined as weekly drops in crude and high sulfur fuel oil (HSFO) values weighed on bitumen cargo prices. Prices for these cargos fell by $15 to reach $402/t.
Cargo prices in West Africa slipped this week as crude and HSFO values declined.
In West and North Africa, delivered cargo prices fell by $6 and $8, reaching $594/t and $446/t, respectively. However, in East Africa, prices rose by $2 to $497/t.
Cargo prices from Singapore also declined amid weakening buying interest in Asia. Export cargo prices in Singapore and South Korea fell by $2 and $3, reaching $435/t and $413/t, respectively.
Iranian bulk export prices continued to face pressure due to sluggish demand.