- Oil rises on US inventory expectations
- WTI prompt-month gained $0.68 to $63.03/Bbl Wednesday morning (7:45 AM CT)
- API data showed a 2.4 MMBbl draw in U.S. crude inventories last week; EIA figures due later today
- “Focus is gradually shifting back towards fundamentals,” said Arne Lohmann Rasmussen, chief analyst at A/S Global Risk Management
- A confirmed draw in government data could support prices, as many fear large builds later this year
- India steps up Russian oil purchases despite US pushback
- State-run refiners resumed buying Urals crude for September and October loadings after a brief pause
- Buyers include Indian Oil Corp and Bharat Petroleum Corp, even as US officials criticize the purchases
- Discounts have widened, with Urals now trading $2.50/Bbl below Dated Brent, incentivizing Indian refiners to return to the grade
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