According to the US Energy Information Administration (EIA), US crude inventories fell by 2.4 million barrels last week to 418 million barrels, a larger decline than expected.

Additionally, investors are assessing the potential impact of new US tariffs on India. International crude oil prices closed higher on August 27.

West Texas Intermediate (WTI) crude for October delivery increased by US$0.9 (1.4%), reaching US$64.15 per barrel on the New York Mercantile Exchange. Brent crude for October delivery rose by US$0.83 (1.2%), settling at US$68.05 per barrel.