US Crude Oil

Global oil prices have shown remarkable resilience amid softer economic data from two major consumers: the US and China

Experts say US grades face logistical, economic, and compatibility challenges with Indian refinery configurations

India is guided solely by economics when sourcing oil and LNG rather than geopolitics, and the government does not interfere in decisions by state-oil companies, September data shows

India, the world's third-largest oil importer, is increasing imports from the United States as negotiations for a bilateral trade agreement continue

The fears centre around the possibility of supply routes being interdicted and hence, supply being disrupted, rather than Iranian oil being taken off the market

India's trade deficit widened more than expected in March, as oil imports jumped more than 60 per cent from a month earlier

US push to sell more energy to India coincides with stable global crude, LNG prices

The refiner will be seeking one million barrel of WTI every month for arrival from May or June for four months, the source said

Crude oil from the US is a tough buy in today's environment - supplies to India have already dropped by half from 2021 levels

The US has grown into the world's third-largest exporter behind Saudi Arabia and Russia since it lifted a 40-year federal ban on exports of domestic oil in 2015

On Wednesday, Brent crude was down around 1.2 per cent to $76.16/bbl, while US West Texas Intermediate crude fell around, or 1.05 per cent, to $73.47/bbl

Brent crude was up 69 cents, or 0.90 per cent, at $77.74 a barrel at 0954 GMT. US West Texas Intermediate crude climbed 87 cents, or 1.17 per cent, to $75.12

Crude oil prices have been steadier on Thursday around $70.50/b in Asian hours, ahead of the weekly EIA inventory release from the US.

With Israel looking to carry out its offensive against Hezbollah to the next level, traders will monitor the evolving situation in Middle East closely for possibility of disruptions to oil supplies.

Oil prices showed marginal recovery on Monday to settle a per cent up at $68.71, following its worst weekly fall since October 2023 as WTI fell 8 per cent and Brent was down 10 per cent.

India may have bought over $1 bn of US oil in August; increasing such shipments helps it to trim trade surplus with the US

A broader sell-off had seen prices for Brent crude futures tumble as much as 11 per cent, or about $9, in a little over a week, hitting a low of $72.63 on Wednesday

Oil market is also broadly underpinned by supply cuts from OPEC+ group of producers, as Iraq's oil ministry said at the weekend that it will compensate for overproduction since the beginning of 2024

Crude oil prices at $83.50, hover near two months high driven by the renewed geo-political risk in the middle east and red sea region along with the threat of Hurricane Beryl

The WTI holding on to support of $78 in Asian hours, retreating from three weeks high of $79.12. hit on Wednesday