Oil prices rose after President Trump announced India would stop buying oil from Russia, boosting Brent crude futures by 0.87% to $62.45 a barrel and WTI futures by 0.98% to $58.84. India and China are top buyers of Russian oil, with India preparing to cut imports gradually. UK imposed new sanctions on Russian energy companies and entities. U.S. inventory statistics release from the EIA will be closely watched after API figures showed a rise in crude and gasoline stocks, and a fall in distillate inventories. Analysts predict a 0.3 million barrel rise in U.S. crude stockpiles.

Read more at Yahoo Finance: Oil up 1% after Trump says India promised to stop buying from Russia