Indian state refiners are reviewing their Russian oil trade documents to ensure no supply will be coming directly from Rosneft and Lukoil after the U.S. sanctioned the companies, a source with direct knowledge of the matter said on Thursday.

West Texas Intermediate (WTI) futures opened at $57.50 per barrel (bbl) on October 21, 2025. Brent crude opened at $61.00 per barrel. Both benchmarks remain closely watched gauges of global energy supply and demand. WTI futures are trading at $57.21/bbl, as of 9:24 a.m. ET. That’s down 0.49% since yesterday’s close.

The current Gold/Oil Ratio of 73x signals an extreme pricing imbalance between the two commodities. Read why energy equities could offer substantial long-term gains.

Oil prices have fallen sharply this year as the global supply has remained strong and demand has been slow to grow.

Oil prices are in a rut, and could keep falling. Oil stocks have so far fared better, but the reality of a weak market may eventually catch up to them.

U.S. crude prices were rising nearly 2% on Wednesday to above $58 a barrel on reports of progress in U.S.-India trade talks, which could include curbs on imports of Russian oil by India.