financetom
World
financetom
/
World
/
Oil falls as end of driving season looms, Druzhba restarts
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Oil falls as end of driving season looms, Druzhba restarts
Aug 28, 2025 1:56 AM

*

Crude falls after 1% gain in previous session

*

US demand to ease at the end of summer driving season

*

Russian oil supplies through Druzhba pipeline restart

*

Indian buying pattern of Russian oil in focus

(Updates prices, adds quote)

By Alex Lawler

LONDON, Aug 28 (Reuters) - Oil fell on Thursday after

rising in the previous session, pressured by expectations of

lower U.S. fuel demand with the end of the summer travel season

and by the restart of Russian supply to Hungary and Slovakia

through the Druzhba pipeline.

Crude had risen on Wednesday after official data showed

U.S. crude inventories fell by 2.4 million barrels in the week

ended August 22, compared with analysts' expectations in a

Reuters poll for a 1.9-million-barrel draw, a sign of strong

demand.

However, oil market participants see the upcoming U.S.

Labor Day long weekend as the unofficial end of the summer

driving season, and the onset of lower U.S. demand for gasoline.

Brent crude futures dropped 19 cents, or 0.3%, to

$67.86 at 0820 GMT, and West Texas Intermediate (WTI) crude

futures declined 29 cents, or 0.5%, to $63.86.

"This weekend's U.S. bank holiday marks the end of the

driving season and gasoline has hardly been the panacea hoped

for in terms of demand," said John Evans of oil broker PVM.

"Any short-term reasons to be friendly towards oil

prices are diminishing," he added, citing the Druzhba

resumption.

Russian crude supplies to Hungary and Slovakia through the

Druzhba pipeline have restarted after an outage caused by a

Ukrainian attack in Russia last week, Hungarian oil company MOL

and Slovakia's economy minister said on Thursday.

Traders are also watching out for how New Delhi responds to

pressure from Washington to stop buying Russian oil, after U.S.

President Donald Trump doubled tariffs on imports from India to

as much as 50% on Wednesday.

"India is expected to continue purchasing crude oil from

Russia at least in the short term, which should limit the impact

of the new tariffs on global supply," IG market analyst Tony

Sycamore said.

Lending some support to prices, Russia and Ukraine have

stepped up attacks on each other's energy infrastructure.

Russia launched a massive drone attack on energy and gas

transport infrastructure across six Ukrainian regions overnight,

leaving more than 100,000 people without power, Ukrainian

officials said on Wednesday.

(Additional reporting by Sam Li in Beijing and Siyi Liu in

Singapore; Editing by Louise Heavens)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
GRAPHIC-Markets in Q1: the wild ride towards rate cuts
GRAPHIC-Markets in Q1: the wild ride towards rate cuts
Mar 28, 2024
LONDON, March 28 (Reuters) - Global bond and equity markets are ending the first quarter on a high note, with investors poised for more wild swings ahead after months of the mood lurching between optimism and pessimism about prospective rate cuts from major central banks. MSCI's global share index, which smashed through record highs in March, is up 10% since...
Dow, S&P 500 Close at Record Highs as Traders Parse Macro Data
Dow, S&P 500 Close at Record Highs as Traders Parse Macro Data
Mar 28, 2024
04:46 PM EDT, 03/28/2024 (MT Newswires) -- The Dow Jones Industrial Average and the S&P 500 closed at all-time high levels Thursday, as investors assessed a surprise upward revision to fourth-quarter economic growth, along with other macro data. The Dow and the S&P 500 rose 0.1% each to 39,807.4 and 5,254.4, respectively. The Nasdaq Composite fell 0.1% to 16,379.5. Energy...
Japan's Nikkei posts biggest point gain on record for fiscal year
Japan's Nikkei posts biggest point gain on record for fiscal year
Mar 28, 2024
TOKYO, March 29 (Reuters) - Japan's Nikkei share average logged the biggest rise ever on an absolute basis for the fiscal year ended on Friday, rallying 12,328 points. The index hit successive record highs this quarter, after breaking levels on Feb. 22 that were last seen in 1989 during the nation's bubble economy. The rally was supported by better corporate...
Japan's Nikkei rebounds, yen stable
Japan's Nikkei rebounds, yen stable
Mar 28, 2024
TOKYO, March 29 (Reuters) - Japan's Nikkei share average rose on Friday, rebounding from sharp losses in the previous session, as market players cheered a weaker yen as the currency steadied after hitting a three decade-low. The Nikkei had risen 0.74% to 40,466.82 by the midday break and is set to post a 1% loss this week. The broader Topix...
Copyright 2023-2025 - www.financetom.com All Rights Reserved