London: Oil prices rose around 1% on Thursday after US President Donald Trump said that Indian Prime Minister Narendra Modi had pledged his country would stop buying oil from Russia. Brent crude futures rose 57 cents, or 0.9%, to $62.48 a barrel, while US West Texas Intermediate (WTI) futures climbed 54 cents, or 0.9%, to $58.81.
According to Qatar News Agency, both contracts had touched their lowest levels since early May in the previous session due to US-China trade tensions. Additionally, a warning from the International Energy Agency about a potential big surplus next year further pressured prices. This surplus is expected as OPEC+ producers and rivals increase output amid weak demand.