Oil prices rose on Thursday as the United States continued to pressure India over its purchases of Russian crude. Gold prices declined slightly, while London copper remained relatively flat, as investors shifted their focus to Federal Reserve Chair Powell's speech on Friday for signals on interest rate direction. Markets also continued to closely monitor prospects for Russia-Ukraine negotiations.

**Crude Oil: Oil Prices Rise Amid Volatility as US Maintains Pressure on India Over Russian Oil Purchases**

Oil prices rose amid volatility after a Trump administration trade official indicated India would be penalized for purchasing Russian crude oil.

WTI crude for October delivery gained over 1%, closing above $63 per barrel.

White House trade advisor Peter Navarro expects US tariffs on India to double on August 27 as punishment for India's purchases of Russian oil.

Brent crude also rose, closing near $68 per barrel.

Over the past 10 trading days, US crude oil has fluctuated within a narrow range of $62 to $65 per barrel.

Investors are also monitoring developments in Russia-Ukraine ceasefire talks driven by high-level meetings brokered by US President Donald Trump.

The United States is working to arrange meetings between Russia and Ukraine, but the Kremlin has remained cautious so far. Any peace agreement could mean reduced export restrictions on Russian crude oil.

US gasoline inventories declined for the fifth consecutive week, reminding markets that global inventory levels remain unusually low despite many traders expecting oversupply later this year.

Ole Hansen, head of commodity strategy at Saxo Bank, stated: "The market is still weighing the tug-of-war between bullish and bearish factors, combined with insufficient summer liquidity, prompting narrow oil price fluctuations."

**Precious Metals: Gold Falls Slightly**

Gold prices declined slightly as investors awaited the Federal Reserve's Jackson Hole symposium for clues about the direction of US interest rates.

Spot gold traded near $3,340 per ounce, giving back some of Wednesday's gains. Wednesday saw safe-haven demand driven by President Trump's pressure on Federal Reserve Governor Lisa Cook to resign.

Market focus has now shifted back to Powell's Friday speech for signals about future monetary policy paths.

Traders currently expect the Federal Reserve to cut rates by at least 25 basis points next month, which would benefit gold. Minutes from last month's Fed meeting showed officials noted that inflation risks exceeded the risks of labor market slowdown.

BMI, a research unit under Fitch Solutions, stated in a report: "As markets prepare for a September Fed rate cut, gold prices are expected to remain elevated in the coming weeks. Gold is expected to trade between $3,200 and $3,600 per ounce for the remainder of 2025."

As of 3 p.m. New York time, spot gold fell 0.3% to $3,339.38 per ounce. The Bloomberg Dollar Spot Index rose 0.3%. Silver and platinum gained, while palladium declined.

**Base Metals: London Copper Prices Remain Essentially Flat**

London Metal Exchange copper prices showed little change as markets also awaited Fed Chair Powell's speech.

Powell is expected to announce the Fed's new policy framework on Friday, outlining strategies for achieving inflation and employment targets. If the Fed cuts interest rates, it could potentially weaken the dollar and boost industrial metal prices.

Markets are also closely monitoring prospects for Russia-Ukraine negotiations, but US efforts to establish post-war security guarantee mechanisms for Ukraine have already encountered resistance shortly after beginning. Trump stated in an interview on Thursday that we would know in about two weeks whether Ukraine would achieve peace, after which different strategies might be necessary.

As of London market close:

LME copper futures remained essentially flat at $9,724.5 per ton;

LME aluminum futures rose 0.33% to $2,585.0 per ton;

LME nickel futures fell 0.53% to $14,929.0 per ton;

LME zinc futures declined 0.77% to $2,765.5 per ton.