Crude Oil Prices Dip on August 29, 2025, but Are Still Set for a Weekly Gain

Crude oil prices fell on Friday, but they are still expected to end the week slightly higher. The market is balancing two major factors: lower-than-expected demand in the U.S. and uncertain supply from Russia.

Current Crude Oil Price Movements

• Brent crude for October delivery dropped 53 cents (0.8%) to $68.09.
• The more active Brent November contract fell 48 cents (0.7%) to $67.50.
• West Texas Intermediate (WTI) crude dropped 51 cents (0.8%) to $64.09.

Despite Friday’s dip, Brent is expected to rise 0.6% this week, and WTI is on track for a 0.8% gain.

Why Are Crude Oil Prices Rising?

Earlier this week, crude oil prices rose due to Ukrainian attacks on Russian oil terminals. These attacks have created concerns about future supply from Russia.

Adding to that, German Chancellor Friedrich Merz announced that there will be no meeting between Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy anytime soon. This shows that tensions remain high.

Why Are Crude Oil Prices Falling?

However, demand in the U.S. is expected to drop as summer ends. The Labour Day holiday on Monday marks the end of the busy summer driving season.

Also, some major oil producers are ending voluntary supply cuts, meaning more oil will be available in the market. This extra supply is also pushing prices down.

India's Role and Market Watch

India is under pressure from the U.S. to stop buying Russian oil. Recently, former President Trump increased tariffs on Indian goods to as much as 50%. But news reports suggest that Russian oil exports to India are still expected to rise in September.

Saudi Arabia may lower crude oil prices for Asian buyers in October due to weak demand and abundant supply.

Meanwhile, Russian oil flowing through the Druzhba pipeline to Hungary and Slovakia has resumed after a short stop caused by another Ukrainian attack.

Read more: Whirlpool of India ₹5 Final Dividend Ex-Date is Today, Aug 29.

Conclusion

The oil market is in a tug-of-war between falling demand and concerns about supply. Prices may keep changing as global tensions and economic pressures continue.

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