Oil Gets Assist From India, China Buys as Global Glut Looms

Global oil markets may be dominated by concerns about a glut, but producers have found some support in buying from China and India, spurred by a wave of US sanctions on Russian energy.

Crude cargoes — especially in the Middle East, which was briefly in oversupply — have found buyers, according to traders who asked not to be identified as they aren’t authorized to speak to the media. An overhang of unsold shipments from nations such as the United Arab Emirates is no longer seen, they added.