WASHINGTON: China and India may be buying more Russian oil than the US previously believed, easing a supply crunch in global markets and potentially driving a recent price decline, one of President Joe Biden’s economic advisers said.
The price of West Texas Intermediate crude has fallen to just over $105 from more than $122 earlier this month — raising hopes that pressures may ease at the gas pump.
“Right now, in particular, oil markets are rather volatile,” Cecilia Rouse, chair of Biden’s Council of Economic Advisers, said Wednesday in an interview with Bloomberg Television. “I’ve heard part of the explanation is that China and India are actually purchasing more of Russian oil than maybe we believe, so that there’s more supply on the market.”
