Indian Refiner BPCL Buys U.S. WTI Crude Oil Cargo

West Texas Intermediate crude for delivery to Mumbai in late December-early January, paying a premium of $18 per barrel over Dated Brent. This purchase follows BPCL's decision to reduce Russian crude oil imports in November due to higher freight costs. The refiner plans to buy lower volumes of Russian crude, which now account for 37% of its supplies, as Middle Eastern grades become more attractive. Eased freight rates have encouraged Asian buyers, particularly Chinese, to seek U.S. crude from Brazil and West Africa.