Oil Rises on Prospect of India Agreeing to Reduce Russian Oil Imports

Core Insights - Oil prices are rising due to the potential for a U.S.-India agreement that may lead to India reducing its imports of Russian crude oil [1] - Brent crude increased by 1.6% to $62.30 per barrel, while WTI rose by 1.7% to $58.20 per barrel [1] - The agreement could also enhance demand for other oil grades [1] Trade Relations - An agreement might also result in reduced tariffs on Indian exports to the U.S., potentially easing trade tensions [2]