Oil Prices Increase as Prospects for U.S.-India Trade Agreement Diminish

Oil Prices Rise: Oil prices have increased in the early Asian trading session, with WTI crude futures up by 0.3% to $63.42 per barrel and Brent crude futures also up by 0.3% to $67.41 per barrel.

U.S.-India Tariff Deal Unlikely: Hopes for a trade agreement between the U.S. and India are fading, as a Trump administration official indicated that a deal is unlikely before midnight in Washington.

Impact of Tariffs on India: As a result of the stalled negotiations, U.S. tariffs on Indian goods are expected to double to 50% at 12:01 a.m. ET on Wednesday.

Market Concerns: Investors are anxious about potential additional tariffs on India due to its purchases of Russian crude oil, which adds uncertainty to the market.