MNI Oil Weekly: Indian Oil Buying Defies Trump Pressure

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Summary:

• Indian Oil Buying Defies Trump Pressure: Tariff pressure on India fails to dissuade Russian oil buying as 50% measure take effect. Crude price weakness highlights a lack of concern around Russian secondary sanction threats with peace efforts still stalled.
• Oil Market: Brent crude prices pulled back from a high of $69.07/bbl on Aug. 25 as new US tariffs on India come into effect and the Ukraine peace process appears to stall. Crack spreads have softened slightly this week with upside pressure on diesel eased by recent stocks builds.