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Oil Eases Off of Three-Month High as Russian Crude Heads to Asia

  • India is in talks to increase Russian oil imports from Rosneft
  • Saudi Arabia lifted its official selling prices to Asia
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Oil at Three-Month High as Saudi Raises Prices for Asia
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Oil slipped as rising volumes of Russian crude headed to Asia countered bullish sentiment spurred by Saudi Arabia’s bigger-than expected price increase for deliveries to the Far East.

West Texas Intermediate dropped to settle at $118.50 a barrel after earlier touching a three-month high. Indian refiners are working on finalizing new six-month supply contracts for Russian crude, which if secured would be on top of the country’s existing purchases from Russia. This offset an earlier rally driven by Saudi Arabia’s boost to its official selling prices to Asia, which the market interpreted as a signal of the kingdom’s confidence in demand.