Anindya Banerjee of Kotak Neo said India will keep prioritizing crude with the lowest landed cost, as U.S. Secretary of State Marco Rubio's visit highlights New Delhi's Russian oil imports. Brent futures are at $110, spot premiums of $10 to $15 and freight of $10 to $15 push the landed cost above $120, and he sees a $100 to $120 near-term range with an upward bias over two to three weeks. RBI measures have kept the rupee within a narrow 94 to 96 range despite foreign institutional outflows of nearly $11 billion over eight weeks. Key triggers ahead are developments in West Asia and the U.S. election on November 3. Government and oil companies have so far absorbed the impact of higher crude costs, with no official indication of an immediate increase in petrol and diesel prices.
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| Change that session | -0.38% |
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Anindya Banerjee of Kotak Neo says India will keep sourcing crude based on the lowest landed cost, while Secretary of State Marco Rubio's visit has renewed focus on India's imports of Russian oil. Brent futures are at $110, spot trades $10 to $15 above futures, and freight adds another $10 to $15, so the landed cost could exceed $120, and he sees Brent in a $100 to $120 near-term range. RBI measures have helped keep the rupee within a narrow range of 94 to 96 per USD, despite foreign institutional investor outflows of nearly USD 11 billion over eight weeks. He identifies the US presidential election on 3 November and developments in West Asia as key triggers for commodities and currencies. So far, the government and oil companies have absorbed the impact of higher crude costs, and there are no official signs of an immediate rise in petrol and diesel prices.
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