India remains a significant importer of Russian crude oil, maintaining an average rate of 1.2 million barrels per day this month despite U.S. sanctions targeting major exporters, as reported by Reuters utilizing LSEG data. This figure indicates a decline from the November average of 1.77 million barrels prior to the sanctions but exceeds the sharp reduction initially anticipated by analysts. The sustained import levels demonstrate India’s strategic energy procurement while navigating geopolitical restrictions and challenges in the oil market. Key commodities impacted include Oil – US Crude and Oil – Brent Crude.
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The past month has seen notable downward trends in oil prices, with Oil – US Crude falling by 5.97% and Oil – Brent Crude declining by 6.39%. Both assets currently show a one-day technical analysis signal of Sell and Sell, suggesting continued caution for traders. Amid uncertain market conditions driven by geopolitical factors, there remains heightened volatility in the energy sector.
Investors can explore more updates, prices, and analysis across global markets at Commodities.