Oil Futures Rebound as India Considers Reducing Russian Crude Purchases

Oil futures have regained some of the losses from the previous trading day, as market expectations grow that India will reduce its purchases of Russian crude under a trade agreement with the United States. According to Jin10, Neil Crosby from Sparta Commodities stated that India appears poised to swiftly cut back on buying Russian oil, or at least a significant portion of it. Currently, approximately one million barrels of Russian crude are sent to India daily. If India seeks alternative sources for this supply, it could support oil prices, a trend already reflected in the recent strengthening of the Dubai crude spot market. Crosby added that the next question is where this Russian oil will be redirected, with speculation that Russia might be forced to halt production.