Russian oil discounts said to widen as Indian and Chinese refiners cut purchases

Russian oil is trading at its steepest discounts to Brent in a year in Asia, as major Indian and Chinese refiners reduce purchases following fresh U.S. sanctions on leading Russian producers, industry sources said.

The price gap for Russia’s flagship Urals crude widened by $2 to about $4 per barrel below Brent for December arrival, the widest discount seen in about a year, according to four trading and refining sources involved in Russian oil supplies.