Oil Steadies After Four-Day Loss With Russian Supplies in Focus

(Bloomberg) — Oil was little changed after a four-day decline as investors assess the potential impact of moves by western nations to curtail Russian energy exports.

West Texas Intermediate’s November contract traded near $62 a barrel after falling almost 3% over the previous four sessions, while Brent settled below $67. Canadian Prime Minister Mark Carney said he wants to see western allies impose secondary sanctions on Russia quickly in order to dramatically ramp up pressure on President Vladimir Putin.

Most Read from Bloomberg

The latest threat to the OPEC+ member’s supply comes after President Donald Trump urged European countries to stop buying Russian energy as he seeks to stem the biggest source of funds for the war in Ukraine. However, the US has so far spared China — the biggest buyer of Moscow’s barrels — from additional tariffs after slapping a 50% rate on India for its purchases last month.

The lack of concrete new measures has left oil in limbo — with prices stuck in a narrow $5 a barrel band since early August as traders also assess forecasts for a surplus later in the year. Breaking out of that range would likely require western nations to align on harsher measures against buyers of Russian oil, said Dennis Kissler, senior vice president for trading at BOK Financial.

Most Read from Bloomberg Businessweek

©2025 Bloomberg L.P.