Kotak Neo's Anindya Banerjee said India will keep prioritising crude with the lowest landed cost as global supply disruptions push prices higher, while U.S. Secretary of State Marco Rubio's visit has put India's imports of Russian oil in focus. Brent futures are at $110, and with spot trading $10 to $15 above futures and freight adding $10 to $15, the landed cost could exceed $120; he sees Brent in a $100 to $120 near-term range over the next two to three weeks. RBI measures that keep oil-related demand out of the open market have helped hold the rupee within a narrow 94 to 96 per dollar range despite about USD 11 billion in foreign institutional outflows over eight weeks. Banerjee said the government and oil companies have so far absorbed the immediate cost impact with no official signal of an imminent petrol or diesel price rise, and flagged the November 3 U.S. election and West Asia developments as key triggers to watch.
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