Urals Oil
https://tradingeconomics.com/commodity/urals-oil
SUMMARY
Russian Urals crude oil fell to the $70 per barrel mark, extending its retreat from the nine-month high of $73.7 touched on August 9th and tracking the decline for other crude oil contracts as the outlook of lower demand from the world’s major economies pressured key energy benchmarks. Additionally, marked economic slowdowns for the main consumers of Russian oil and growing concerns over Western price caps drove the discount of Urals oil to Brent to widen since hitting post-Ukraine-war lows at the start of August. Imports from India declined by 5.7% to 1.85 million barrels per day in July from the previous month, pressured by a sinking rupee and deepening caution from Indian financial institutions to settle payments above the G7’s $60/barrel price cap. Imports from China also fell as economic headwinds for Asia’s largest economy pared demand for energy.