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NEW DELHI (Reuters) - The United States overtook Saudi Arabia as India’s second biggest oil supplier after Iraq last month, as refiners boosted cheaper U.S. crude purchases to record levels to offset OPEC+ supply cuts, data from trade sources showed.
Crude oil is dispensed into a bottle in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration
The switch in supplies, triggered by lower U.S. crude demand, coincided with Saudi Arabia’s voluntary extra 1 million barrel per day (bpd) output cut, on top of an agreement by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to maintain lower production.
Brent crude futures for May was up 10 cents, or 0.1%, at $69.32 a barrel by 0947 GMT while US West Texas Intermediate crude for April was at $65.73 a barrel, up 12 cents, or 0.2%.
Oil prices rose on Monday, with Brent heading toward US$70 a barrel, as data showed China's economic recovery accelerated at the start of 2021, boosting the energy demand outlook at the world's largest Oil importer.
Brent crude floats near $70 on demand recovery hopes
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Oil prices edged up on Monday, with Brent drifting near $70 a barrel, propped up by output cuts from major producers and optimism about global economic and fuel demand recovery in the second half of the year.
Brent crude futures for May gained 23 cents, or 0.3%, to $69.45 a barrel by 0102 GMT while US West Texas Intermediate crude for April was at $65.90 a barrel, up 29 cents, or 0.4%.
Top oil exporter Saudi Arabia has cut the supply of April-loading crude to at least four north Asian buyers by up to15%, while meeting the normal monthly requirements of Indian refiners, refinery sources told Reuters on Friday.