Vil Updates News Today

Russian Crude Oil: Russian oils share in Indias crude imports dropped to 25% in Jan from 31% in Dec due to narrower price discounts, US sanctions impacting shippers, and increased freight costs due to Red Sea attacks. India imported 1.2 mbd of Russian crude in Jan, the same as Chinas import. Indian state refiners reduced imports by 21% while private sector refiners increased imports by 10%.

Oil Outlook: The front-month U.S. West Texas Intermediate crude futures , for February delivery, inched down 2 cents to USD 73.39 a barrel with the contract set to expire later on Monday. The more active March WTI contract was at USD 72.95 a barrel, down 30 cents.

Oil Economy Falls: The naval and air conflicts in the Red Sea have not supported oil prices despite mounting concern about tankers having to pause or reroute, raising shipping costs and slowing deliveries. Tensions remained high after the U.S. mounted fresh strikes against Iran-aligned Houthi militants in Yemen on Tuesday after a Houthi missile hit a Greek vessel.

OPEC Oil: "Saudi Arabias sharp price cuts and OPECs increased production have offset supply concerns caused by escalating geopolitical tensions in the Middle East," said CMC Markets analyst Leon Li.

Russian Oil Suppliers: For decades, the U.S. dollar has been the currency of international oil trade and efforts to find alternatives have been thwarted by the difficulties of conversion, as well as political obstacles.

OPEC+, which combines the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, will hold an online ministerial meeting on Thursday to discuss production targets for 2024.

Brent Crude Oil Updates: Brent crude futures edged up 12 cents, or 0.2%, to USD 80.70 a barrel by 0028 GMT, while U.S. West Texas Intermediate crude futures were at USD 75.64 a barrel, up 10 cents, or 0.1%.

Russian Oil Suppliers: Russian officials and oil executives have pressed Indian buyers to pay in Chinese yuan, which for Russia is a more useful currency.

Brent futures rose USD 1.57, or 2.0%, to USD 81.58 a barrel by 11:48 a.m. EST (1648 GMT), while U.S. West Texas Intermediate (WTI) crude rose USD 1.54, or 2.0%, to USD 77.28.

Oil Refinery: Prices for December-arrival Russian ESPO crude retreated to par with, or a few cents a barrel below, ICE Brent on a delivered-ex-ship (DES) basis in China, three market sources said, down from a premium of about USD 1 a barrel last month - the first month-on-month price decline since February.