Crude Oil Prices Steady in Asia on August 8, 2025, After Sharp Weekly Drop

Crude oil prices stayed mostly unchanged in Asian markets on Friday but were still heading for their worst weekly loss since June. As of early Friday, Brent crude futures were steady at US$66.43 a barrel, and West Texas Intermediate (WTI) crude held at US$63.03. The main reasons are concerns over weaker demand, rising global supply, and trade tensions caused by new U.S. tariffs.

Trade Tariffs Fuel Crude Oil Demand Fears

Crude oil prices found brief support after U.S. President Donald Trump announced more restrictions on Russia’s oil sector and imposed steep tariffs on Indian imports. Trump’s tariffs on major trading partners officially took effect on Thursday, raising worries about global economic disruption.

Investors fear that if major economies like India and China face more tariffs, their growth could slow down, which would lead to lower oil demand. Trump also warned of potential tariffs on China, a top oil buyer.

Strong Dollar Adds Pressure on Crude Oil Prices

Oil prices also came under pressure from a stronger U.S. dollar. This happened amid speculation about who could be the next chair of the U.S. Federal Reserve. A stronger dollar usually makes oil more expensive for buyers using other currencies, which can reduce demand.

Crude Oil Supply Concerns on the Rise

On the supply side, oil prices dropped after the OPEC+ group increased its production quota again for September. This move is part of a larger plan to unwind the supply cuts that were put in place during the COVID-19 pandemic.

At the same time, U.S. oil inventories have been falling, which helped prevent an even bigger price drop. Still, rising supply from OPEC+ and fears of oversupply are keeping prices under pressure.

Russia-Ukraine Talks in Focus

Another factor affecting oil prices is the ongoing Russia-Ukraine conflict. While the war has supported oil prices in the past due to fears of supply shortages, news that Russian President Vladimir Putin will meet Trump soon has raised hopes for a possible ceasefire. If the war ends, Russian oil supplies might rise, which could lower prices.

Read more: Gift Nifty Today: Indian Stock Market Set to Open for a Soft Start on Aug 8.

Conclusion

In short, oil prices stayed flat on Friday but remain under heavy pressure due to global trade tensions, rising supply, and economic slowdown concerns. As investors watch U.S. trade policies and OPEC+ decisions, it's a time to keep an eye on the market continuously.

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