RIYADH: India’s crude oil imports from Russia in July fell for the first time since March along with its overall purchase, while supplies from Saudi Arabia rebounded for the first in five months, data obtained from trade and industry sources showed.
Indian refiners lifted more term supplies from Saudi Arabia as prices were attractive while prices for Russian supplies have climbed on robust demand.
India shipped in 877,400 barrels per day oil from Russia in July, a decline of about 7.3 percent from June, with Moscow continuing as its second-biggest oil supplier after Iraq.
Overall India, the world’s third-biggest oil importer and consumer, shipped in 3.2 percent less oil in July at 4.63 million bpd from June as some refineries planned maintenance turnaround from August, the data showed.
India’s oil imports from Saudi Arabia rose by 25.6 percent to 824,700 bpd in July, the highest in three months, the data showed, after the producer lowered official selling price in June and July compared with May. Saudi Arabia stayed at No. 3 spot among India’s suppliers.
Indian shares end higher
Indian shares closed higher on Wednesday, as investors pinned their hopes on strong earnings data amid signs of cooling inflation, sending the S&P BSE Sensex above the key 60,000 level for the first time since April 5.
The NSE Nifty 50 index closed 0.67 percent higher at 17,944.25 while the Sensex ended 0.7 percent higher at 60,260.13. Both indexes clocked their highest closing level in four months.
Indian rupee gains
The Indian rupee closed higher on Wednesday marking its biggest single-day gain in more than one week spurred by dollar inflows, as improved risk appetite drove a rally in equities while the greenback posted losses.
The partially convertible rupee closed at 79.4450 in its best session since Aug. 5. India’s foreign exchange markets were shut on Monday and Tuesday.
(With input from Reuters)
