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

S. West Texas Intermediate crude, trade sources told Reuters on Tuesday, as India looks to procure cheaper cargoes amid freight rates easing from the record highs hit in early October. BPCL has bought the cargo for delivery at Mumbai in late December-early January, paying a premium of some $18 per barrel over Dated Brent, according to Reuters' sources.

Last week, BPCL said it would reduce its purchases of crude oil from Russia in November as high freight costs and premiums for Russia's crude undermine the attractiveness of Moscow's oil compared to Middle Eastern offers. The refiner will buy lower volumes of Russian crude in November as the Middle East grades are more commercially attractive for the company now, BPCL's head of finance, Vetsa Ramakrishna Gupta, said.