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Thursday, August 28, 2025
What’s happening: Crude oil prices settled higher on Wednesday, following the release of US inventories data.
What happened: Data released on Wednesday showed a bigger-than-expected decline in US crude inventories.
Investors also assessed the potential impact of fresh tariffs imposed by the US on India.
Why it matters: The Energy Information Administration (EIA) reported that US crude inventories fell by 2.4 million barrels to 418.3 million barrels during the latest week, compared with market estimates of a contraction of 1.9 million barrels.
US gasoline stockpiles fell 1.2 million barrels versus market expectations of a decline of 2.2 million barrels, while distillate stockpiles dipped 1.8 million barrels compared to market estimates of a gain of 885,000 barrels.
US President Donald Trump announced an increase in tariffs on Indian imports to as much as 50%, which came into effect on Wednesday. The latest tariffs were in response to India’s purchase of oil from Russia.
Meanwhile, Russia and Ukraine intensified their attacks on the other’s energy-related facilities, raising investor concerns around supply disruptions. Russia announced a drone attack on the energy infrastructure across six regions in Ukraine, while Ukraine attacked Russian oil refineries this week.
Brent crude gained 83 cents, or 1.2%, to $68.05 per barrel on Wednesday, while WTI crude surged 90 cents, or 1.4%, to settle at $64.15 per barrel. Both standards of oil fell more than 2% in the previous session.
Oil prices pared some gains this morning, with Brent crude losing 0.5% to reach $67.09 per barrel and WTI crude falling 0.6% to $63.78 per barrel.
In other energy trading, gasoline settled at $1.9682 on Wednesday, while heating oil closed at $2.2940 and Natural gas settled at $2.886.
What to watch: Investors now await the release of EIA data on Natural Gas Stocks Change (1830 UAE Time) today. US natural gas stockpiles surged 13 billion cubic feet during the week ended August 15, compared to market estimates of a 22 bcf gain.
Investors will also continue monitoring tariff-related announcements by Trump and talks between Russia and Ukraine.
Context: The EUR/USD forex pair rose this morning amid weakness in the US dollar.
Details: Data released on Wednesday showed Germany’s GfK consumer climate indicator declined to -23.6 heading into September, compared to a reading of -21.7 in the previous period. The figure also fell short of market estimates of -22.0.
Meanwhile, the number of registered unemployed in France climbed by 52,900 to 3.03 million in July, the highest reading in four months.
Investors continued monitoring France’s political and fiscal risks, as Prime Minister François Bayrou announced a parliamentary vote for budget cuts on September 8. However, the main opposition parties are not looking to support him in the confidence vote.
Weakness in the US dollar lent support to the EUR/USD forex pair on Thursday. The US dollar index, which measures the greenback’s performance versus a basket of major peers, fell around 0.2% to 98.08.
The EUR/USD pair gained more than 0.1% to 1.1655 this morning. The STOXX Europe 600 Index had risen 0.1% to close at 554.76 on Wednesday.
What to watch: Investors await the release of data on economic sentiment (1300 UAE Time), consumer confidence (1300 UAE Time) and services sentiment (1300 UAE Time) from the Eurozone today. Eurozone’s economic sentiment indicator, which rose by 1.6 points to 95.8 in July, is expected to climb further to 96 in August.
Analysts expect consumer confidence index in the Eurozone to decline to -15.50 points in August, compared to -14.70 points in the previous month. The services confidence indicator is projected to decline to 3.9 in August, from 4.1 in July.
Other Markets: US trading indices closed higher on Wednesday, with the Dow Jones index, S&P 500 and Nasdaq 100 up by 0.32%, 0.24% and 0.17%, respectively.
Russia’s military forces occupied the villages of Zaporizke and Novoheorhiivka in the Dnipropetrovsk region of Ukraine. The news sent the RUB/USD pair higher in forex trading this morning.
Australia’s new capital expenditure climbed by 0.2% in the second quarter, after a 0.2% decline in the previous quarter, which lent some support to the AUD/USD forex pair.
New Zealand’s ANZ Business Outlook Index surged to 49.7 in August, compared to 47.8 in the previous month. The region’s business sentiment climbing to the highest level since March sent the NZD/USD pair higher in forex trading this morning.
The Bank of Korea kept its base rate unchanged at 2.50% in August, in-line with expectations, lending support to the KRW/USD forex pair.
Colombia’s Industrial Confidence Index jumped to 6.7 in July, versus a reading of 1.5 in the previous month, sending the COP/USD pair higher in forex trading this morning.
Eurozone’s loans to companies (1200 UAE Time), loans to households (1200 UAE Time), M3 money supply (1200 UAE Time), consumer inflation expectations (1300 UAE Time), industrial sentiment (1300 UAE Time), selling price expectations (1300 UAE Time), and European Central Bank’s monetary policy meeting accounts (1530 UAE Time), Italy’s business confidence (1200 UAE Time), consumer confidence (1200 UAE Time), industrial sales (1300 UAE Time), 10-year BTP auction (1310 UAE Time) and 5-year BTP auction (1310 UAE Time), South Africa’s PPI (1330 UAE Time), India’s industrial production (1430 UAE Time) and manufacturing production (1430 UAE Time), Brazil’s IGP-M inflation (1500 UAE Time), Spain’s business confidence (1500 UAE Time), Turkey’s foreign exchange reserves (1530 UAE Time), Mexico’s unemployment rate (1600 UAE Time), Canada’s current account (1630 UAE Time), average weekly earnings (1630 UAE Time) and 2-year Bond auction (2000 UAE Time), as well as US GDP growth rate (1630 UAE Time), corporate profits (1630 UAE Time), initial jobless claims (1630 UAE Time), continuing jobless claims (1630 UAE Time), core PCE prices (1630 UAE Time), real consumer spending (1630 UAE Time), pending home sales (1800 UAE Time), Kansas Fed composite index (1900 UAE Time), Kansas Fed manufacturing index (1900 UAE Time), 4-week Bill auction (1930 UAE Time), 8-week Bill auction (1930 UAE Time), 15-year Mortgage Rate (2000 UAE Time), 30-year Mortgage Rate (2000 UAE Time) and 7-year Note auction (2100 UAE Time).
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