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Russian seaborne crude exports rose 8% in April to a 12-month high, with Indian refiners buying record volumes of discounted Russian oil diverted from Europe by sanctions. Russia now sends over 90% of its crude to Asia, though Urals discounts are narrowing.
Strong Russian crude flows to India sustain discounted supply and ease global crude tightness, a modestly bearish signal for energy costs that feed into diesel, fertiliser and freight.
spglobal.comMay 3, 2023After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
After 255 past bearish geopolitics events, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
