Info comes via Bloomberg (gated) citing “data intelligence firm Kpler”.
- Overall flows last month were at the highest at any point since the invasion of Ukraine a year ago
- surpassed a record set in April 2020
- buying likely underpinned by private refiners, but state-owned processors are now showing more interest in Russian crude after concerns around potential blowback from the US and allies kept them on the sidelines
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China and India are the biggest buyer of Russian crude, which has been discounted in response to Western sanctions. The price cap on Russian oil is pitched so as to make oil more affordable for less developed nations, without sending global oil prices surging, all while cutting revenue to Russia in order to limit its war-making activities.
Oil price, WTI, update:
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