SINGAPORE: Oil prices rose on Monday after White House trade adviser Peter Navarro said India’s purchases of Russian crude were funding Moscow’s war in Ukraine and had to stop.
Brent crude futures rose 30 cents, or 0.46 percent, to $66.15 a barrel by 9:29 a.m. Saudi time while US West Texas Intermediate crude was at $63.19 a barrel, up 39 cents, or 0.62 percent.
Navarro said in an opinion piece published in the Financial Times that if India wants to be treated as a strategic partner of the US, it needs to start acting like one.
“India acts as a global clearinghouse for Russian oil, converting embargoed crude into high-value exports while giving Moscow the dollars it needs,” Navarro said.
The market’s swift rebound after Navarro’s comments highlights how fragile sentiment is. Any sign of Washington tightening its stance on India’s Russian oil purchases reintroduces a risk premium, said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova.
