- Oil is trading higher after a significant selloff yesterday
- Yesterday, WTI closed lower by more than $1, plunging below $72 despite a bullish US inventory report
- US jobs data was revised lower, which added to concerns over the economy, pressuring crude prices
- India surpasses China as the largest Russian crude buyer (Reuters)
- Russian oil accounted for 44% of India’s total imports last month, rising to 2.07 MMBbl/d or 12% higher from year-ago levels
- Meanwhile, China imported only 1.76 MMBbl/d of Russian crude, according to customs data
- An Indian refining source said, "India's requirement for Russian oil is going to go up as long as there are no further tightening of sanctions,"
- Typically, China would purchase higher volumes, but weak fuel demand has led to reduced imports into China
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