Energy Markets
The spot crude premium is rising as US sanctions against Russian producers are driving China and India demand
Trade sources and analysts reported that spot premiums on crude markets rose on Thursday, as traders and analysts expected the U.S. sanctions against top Russian producers to spur China and India’s demand for supplies coming from the Middle East and Africa, and South America. Washington imposed sanctions on major oil suppliers Lukoil and Rosneft over the Ukraine conflict, causing concern over a tighter supply from Russia. Russia is the largest supplier of crude oil to China and India. Brent oil futures, the global benchmark for crude oil, rose more than 4% Thursday. Sources said that Indian refiners, as well as...