Kuwait's Oil Minister, Saad Al-Roumi, stated that OPEC is closely monitoring market conditions, including supply, demand, and remarks from U.S. President Donald Trump, particularly regarding Russian oil and new tariffs imposed on India. He predicted that Brent crude oil prices would remain below $72 per barrel, noting the market remains healthy with moderately increasing demand. However, oil prices have been experiencing their steepest weekly losses since June 2025, driven by concerns over global demand due to new U.S. tariffs targeting India's purchases of Russian oil, with potential implications for China as well. The market's focus has shifted to the upcoming U.S.-Russia talks on Ukraine, as a potential peace deal could increase Russian oil supply, further pressuring prices. As of August 10, Brent crude hovered near $66 per barrel and West Texas Intermediate (WTI) crude fell below $64. Investors are also watching upcoming inflation data for further market direction amid easing concerns about supply disruptions.