Key insights
- Urals crude prices to India hit a record high, narrowing the discount to Brent. This is driven by higher global oil prices amid Middle East tensions and US permit adjustments. The reduced discount and rising oil prices could contribute to inflationary pressures in the US, potentially influencing Fed policy and equity market sentiment.
Investing.com -- Prices for Russia’s Urals crude delivered to India’s west coast reached $98.93 a barrel on Friday, marking the highest level since Russia redirected crude exports to India following its invasion of Ukraine in early 2022, according to data from Argus Media.
The price, which includes shipping costs, climbed after the US widened its permit allowing countries to buy Russian crude.
The discount on Russia’s crude shipped to Indian ports narrowed to $4.80 a barrel versus the global benchmark Dated Brent on Friday, the lowest in more than four months, the data showed.
The spike follows higher global oil prices amid the ongoing war in the Middle East.
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