India Continues Russian Oil Purchases While Seeking US Tariff Relief
- Oil Import Dynamics: India's Russian crude imports fell to 1.24 million barrels per day in December, a decrease of 595,000 barrels from November, although state refiners maintained steady purchases, indicating ongoing demand for Russian oil despite sanctions.
- Policy Pressure: The U.S. has pressured India to scale back its Russian oil purchases, arguing that these sales help Moscow mitigate Western sanctions related to the Ukraine war, although analysts note that India's buying pattern has not collapsed.
- Market Reaction: U.S. West Texas Intermediate crude prices dropped by 1.37% to $56.35 per barrel, while Brent crude futures fell by 1% to $60.09 per barrel, reflecting global market concerns over Russian oil supply amid geopolitical tensions.
- Future Outlook: Rystad Energy forecasts that India's Russian crude imports will rebound to 1.8 million barrels per day in January, suggesting that despite external pressures, India will continue to rely on Russian energy supplies to meet domestic demand.
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Technical Analysis for
Technical Sentiment Analysis for () As of , () is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 0 technical signals, shows that 0 indicators are flashing buy, while 0 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
() Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | - | - | - | - | - | - | - |
| Fibonacci | - | - | - | - | - | - | - |
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