After surging more than 8% the previous day and breaking above $81, West Texas Intermediate crude oil (WTI) reversed course and fell about 1% after the United States introduced conciliatory measures, including temporarily allowing India to import Russian crude.
WTI futures had jumped 8.51% the previous day to close at $81.01 per barrel, marking the largest daily gain since May 2020. Brent crude oil futures also rose 4.93% to $85.41 per barrel, surpassing the $85 level.
However, both benchmarks are down about 1% today.
The decline came after the United States said it would allow India to import Russian crude oil for 30 days, signaling a softer policy stance.
India is the world’s third-largest crude oil importer.
Despite the pullback, global oil prices have surged about 20% so far this week.