08:53 AM EDT, 10/16/2025 (MT Newswires) -- Oil prices rose off a five-month low early Thursday following reports Indian Prime Minister Narendra Modi promised U.S. President Donald Trump it will stop imports of Russian oil.

West Texas Intermediate crude oil for November delivery was last seen up US$0.32 per barrel to $58.59 per barrel after dropping to the lowest since May 7 a day earlier, while December Brent crude was also down $0.32 to $62.22.

Following a meeting with Modi at the White House, Trump told reporters the Prime Minister agreed to end oil imports from Russia, the country's largest supplier. Trump earlier this year imposed 50% tariffs on Indian imports because of its purchases of Russian crude.

Trump told reporters India will end its imports from the country shortly, but an Indian government representative contacted by the BBC did not confirm the country will stop buying Russia's discounted oil, only saying the government will safeguard the interests of Indian consumers.

Should India end its Russian imports the country will be forced to compete for oil from other suppliers, mostly likely from the Middle East, presumably pressuring prices but the market is now seen as being over supplied.

"Inventory builds have now eclipsed 2024 build pace by +220 (million barrels), with pressure pushing on the seaborne market. Nearly all regions are seemingly under selling pressure," Brian Leisen, global oil strategist at RBC Capital Markets, wrote.

In its weekly survey, the American Petroleum Institute reported U.S. crude inventories rose by 1.58-million barrels last week, above the consensus estimate for a rise of 0.3-million barrels among analysts polled by Reuters. The Energy Information Administration will report official inventory data later Thursday morning.