India said to buy Russian crude well below $60 price cap

India said to buy Russian crude well below $60 price cap

• Russia’s flagship Urals crude has been sold at deeper discounts this month following a European ban on Russian oil imports, and dominant buyer India has bought barrels at well below a $60 price cap.
• On December 5, the Group of seven implemented a $60 price cap on Russian seaborne oil to tryto limit Moscow’s ability tofund its war in Ukraine. 
• For some deals this month, the price for Uralsin Indian ports, including insurance and delivery byship, has fallen to aboutminus $12­$15 per barrelversus a monthly average of dated Brent, down froma discount of $5­$8 per barrel in October.

Wholesale price inflation fell to 5.85% in November

• India’s wholesale price inflation fell sharply to 5.85%in November from 8.4% inOctober, thanks to a broad-based dip in price rise ledby food items whose inflation slipped from 6.5% inOctober to just 2.2%.
• Inflation in primary articles at the wholesale levelhalved from 11% in Octoberto 5.5% in November, while manufactured products saw price rise easing from 4.4% to 3.6% over the same period.
• Fuel and power inflation dropped to 17.35% in November, nearly half the33.1% recorded in September and lower than October’s 23.2% level.  
• Wholesale price inflation had slipped below 10%for the first time in 19months in October.