Australia’s Economic Growth Slows in Q3 Despite Strong Investment Activity 
Japan’s Nikkei Drops as Markets Await Key U.S. Inflation Data 
Dollar Slides to Five-Week Low as Asian Stocks Struggle and Markets Bet on Fed Rate Cut 
Europe Confronts Rising Competitive Pressure as China Accelerates Export-Led Growth 
Asian Markets Stabilize as Wall Street Rebounds and Rate Concerns Ease 
China Urged to Prioritize Economy Over Territorial Ambitions, Says Taiwan’s President Lai 
Asian Markets Mixed as RBI Cuts Rates and BOJ Signals Possible Hike 
Asian Currencies Edge Higher as Markets Look to Fed Rate Cut; Rupee Steadies Near Record Lows 
U.S. Futures Steady as Rate-Cut Bets Rise on Soft Labor Data 
IMF Deputy Dan Katz Visits China as Key Economic Review Nears 
RBI Cuts Repo Rate to 5.25% as Inflation Cools and Growth Outlook Strengthens 
Dollar Weakens Ahead of Expected Federal Reserve Rate Cut 
Asia’s IPO Market Set for Strong Growth as China and India Drive Investor Diversification 
Asian Currencies Steady as Markets Await Fed Rate Decision; Indian Rupee Hits New Record Low 
Oil Prices Rise as Ukraine Targets Russian Energy Infrastructure 
China’s Services Sector Posts Slowest Growth in Five Months as Demand Softens 
Gold Prices Edge Higher as Markets Await Key U.S. PCE Inflation Data 
Spot premiums in the global crude oil market surged on Thursday after the United States imposed fresh sanctions on Russian oil giants Rosneft and Lukoil, intensifying concerns over supply disruptions and prompting a shift in demand toward the Middle East, Africa, and South America. The sanctions, aimed at penalizing Russia for its ongoing war in Ukraine, are expected to reshape global trade flows as top importers like China and India seek alternative suppliers.
Brent crude futures climbed over 4% on Thursday, reflecting growing uncertainty in the market. Indian and Chinese refiners are expected to reduce imports of Russian crude to comply with U.S. restrictions, industry sources said, while seeking replacement barrels from other producers. This sudden shift sparked a rally in spot premiums for Middle Eastern crude benchmarks, reversing earlier declines caused by ample supply from OPEC+ output increases.
According to Reuters data, Cash Dubai’s premium rose to a three-week high of $2.71 per barrel, more than double the previous session’s $1.26. Oman and Murban grades also climbed to one-month highs at $3.12 and $2.86 a barrel, respectively.
Reliance Industries, India’s largest private refiner, will halt crude imports under its long-term deal with Rosneft, which supplied nearly 500,000 barrels per day. Indian state-run refiners, including Indian Oil Corp, Bharat Petroleum Corp, and Hindustan Petroleum Corp, are also reviewing their contracts to avoid purchasing oil from sanctioned Russian firms.
Reliance has already begun sourcing cargoes from Brazil and the Middle East, including Qatari al-Shaheen, Iraqi Basra Medium, and other regional grades. Analysts expect Middle Eastern producers to benefit from the redirection of demand.
The Brent-Dubai spread narrowed to just 1 cent a barrel, making Atlantic Basin crudes more attractive for Asian buyers. With the sanctions tightening global supply, analysts foresee continued volatility in oil prices and trade patterns in the coming weeks.
