India giving up Russian oil? - Trump's statement raises prices on global markets
Oil prices rose about 1% after US President Donald Trump said India's decision was a "significant blow" to the global economy. Trump said Indian Prime Minister Narendra Modi had promised the country would stop buying oil from Russia, a move that could affect global supplies.
Brent crude rose 54 cents, or 0.87%, to $62.45 a barrel. U.S. West Texas Intermediate (WTI) crude rose 57 cents, or 0.98%, to $58.84 a barrel.
Both contracts hit their lowest levels since early May in the previous session, due to US-China trade tensions and warnings from the International Energy Agency (IEA) of a large surplus next year. This comes as OPEC+ producers and rivals are increasing output in the face of weak demand.
Trump said India, which gets about a third of its oil from Russia, would stop buying from Moscow. He added that the US would now try to persuade China to follow suit, as part of efforts to reduce the Kremlin's revenues and push it towards a peace deal in Ukraine.
Some Indian refiners are preparing to gradually reduce imports of Russian oil, according to sources familiar with the matter who spoke to Reuters. The US administration also said it expects Japan to also stop importing energy from Russia.
India and China are the two biggest buyers of Russian ship-borne oil, which is subject to sanctions by the US and the European Union. For months, Prime Minister Modi has resisted US pressure to halt purchases from Russia, with Indian officials calling them essential for national energy security.
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