Flagship Russian Oil Sinks in China After India Buyers Pull Back

Prices of Russia’s flagship Urals crude for delivery to China have dropped to an unprecedented low as demand for the grade from Indian processors eases off, lessening competition for the cargoes.

Shipments of the grade dropped to about $10 a barrel below Brent futures this week, according to people involved in the trade, who asked not to be identified due to the sensitivity of the matter. That compares with premiums of about $1 a barrel over Dated Brent that were offered back in August.