Indian refiners have stepped up their purchases of US crude after price drops, as Washington cracks down on the Asian nation for buying Russian barrels.
This week, state and private oil processors including Reliance Industries Ltd., Indian Oil Corp. and Bharat Petroleum Corp. bought more US West Texas Intermediate crude than normal, according to traders who asked not to be identified as they’re not authorized to speak to the media. The main driver was more favorable prices for the grade, which have weakened relative to Middle East benchmarks, they said.
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