Ammon News - Oil prices climbed on Wednesday, rebounding from a five-week low in the previous day, on concerns of supply disruptions after U.S. President Donald Trump's threats of tariffs on India over its Russian crude purchases.

Brent crude futures gained 48 cents, or 0.7%, to $68.12 a barrel by 0645 GMT, while U.S. West Texas Intermediate crude was up 43 cents, or 0.7%, at $65.59 a barrel.

Both oil contracts fell by more than $1 on Tuesday to settle at their lowest in five weeks, marking a fourth session of losses, on oversupply concerns from OPEC+'s planned September output hike.

The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, agreed on Sunday to raise oil production by 547,000 barrels per day for September, a move that will end its most recent output cut earlier than planned.

The OPEC+ pumps about half of the world's oil and had been curtailing production for several years to support the market, but the group introduced a series of accelerated output hikes this year to regain market share. Reuters