Oil Updates — Crude falls; Indian refiners to cut Saudi oil, Zelensky urges Russian oil embargo

Oil Updates — Crude falls; Indian refiners to cut Saudi oil, Zelensky urges Russian oil embargo

RIYADH: Oil prices clawed back some losses on Thursday after tumbling more than 5 percent to a three-week low in the previous session after consuming nations announced a huge release of oil from emergency reserves to offset supply lost from Russia. Brent crude is now $102.75 a barrel, and US benchmark West Texas Intermediate is at $97.63 a barrel, as of 8:00 a.m Saudi time. At least two Indian refiners plan to buy less Saudi oil than usual in May, after the kingdom raised the official selling price to record highs for Asia, two sources told Reuters on Wednesday, as India increases purchases of cheap Russian crude. State oil producer Saudi Aramco, the world’s top oil exporter, has raised crude prices for all regions, with those to Asia hitting all-time highs. The Middle East accounts for the bulk of India’s oil imports, with Iraq and Saudi Arabia the top two suppliers to Asia’s third-largest economy. The sources at the two Indian refiners declined to be named, citing confidentiality. They did not disclose the volumes refiners would buy, and said the reductions in May would be marginal because they have to lift the amount they have committed to under annual contracts.