The Oct’25 Brent crude futures traded within a $1 range on Thursday afternoon between $66.80 and $67.60/bbl. Prices are on track to finish the day higher, having broken out of the past fortnight’s trading range, with the 20-day moving average at $68/bbl being the next hurdle to break. President Trump insinuated in a social media post that he’s open to Ukraine launching more attacks on Russia, as the White House looks to pressure Putin to agree to a one-on-one meeting with Zelenskyy. India has pledged to keep buying Russian oil if it remains financially beneficial, signalling closer energy ties with Moscow despite US pressure and looming tariff threats. Two tankers chartered by Chevron carrying Venezuelan crude reached US waters on Thursday, marking the first US imports of the country’s oil following a new license granted by Washington. The Trump administration plans to rule on a backlog of small refinery biofuel exemption requests this week while delaying a decision on whether larger refiners must compensate for waived gallons, a move that could significantly affect fuel, farm, and credit markets. Finally, the front (Oct/Nov) and 6-month (Oct/Apr) Brent futures spreads are at $0.51/bbl and $1.43/bbl respectively.
