08:39 AM EDT, 10/24/2025 (MT Newswires) -- Oil prices rose for a fourth session early Friday as U.S. sanctions on Russia's two largest oil producers and India's promise to end purchases of oil from the country heighten supply concerns.

West Texas Intermediate crude oil for December delivery was last seen up US$0.62 to $62.41 per barrel, while December Brent crude was also up $0.62 to $66.61.

The rise comes after the United States Thursday placed sanctions on Russia's two largest oil producers, Rosneft and Lukoil, which together produce 5% of global oil supply according to Reuters. Following the U.S. move China paused imports from the pair and India said it will end imports of discounted Russian oil.

"Crude is heading for a sharp weekly advance after U.S. sanctions on Russia's two largest producers, which together export around 3 mb/d. Russian crude flows to India are set to plunge, while Chinese refiners have paused purchases. From testing USD 60 a week ago, Brent now trades above USD 65 as wrong-footed short sellers are forced out - and the feared supply glut may prove smaller than expected if sanctions persist," Saxo Bank noted.

The sanctions are easing market concerns about rising supply, even as global inventories are expected to build after OPEC+ completed the return of 2.2 million barrels per day of production cuts in September and began monthly increases of 137,000 barrels per day starting this month. Meanwhile, producers in the United States, Canada, and South America are also raising output, while demand growth remains weak.