- Brent Crude futures fell 3.85% to $99.87 as of 8:02 p.m. IST on Monday
- West Texas Intermediate futures dropped 4.32% to $91.93 as of 8:04 p.m. IST
- India's Gulf crude imports rose to 1.52 mb/d from 1.03 mb/d in June, per Kpler data
Brent Crude futures were trading below a $100 on Monday, at a downturn of 3.85% to $99.87 at 8:02 p.m. IST according to Investing.com.
West Texas Intermediate futures saw a decline of 4.32% to $91.93 at 8:04 p.m. IST.
Crude oil supplies from the Gulf to India are showing signs of recovery after a sharp decline in recent months, with producers finding alternative ways to keep shipments moving despite risks around the Strait of Hormuz.
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Gulf crude imports into India have risen to around 1.52 million barrels per day (mb/d) so far this month, compared with 1.03 mb/d in June, according to Kpler data shared with NDTV Profit. June's level was the lowest recorded in Kpler's data since 2017.
The rebound indicates that Gulf producers and buyers are finding ways to maintain crude flows despite disruption risks around the key shipping route. Sellers are also absorbing some of the risks associated with transporting barrels through the region.
ALSO READ: Exclusive: Gulf Oil Supplies To India Surge To 1.52 Mb/d As Sellers Absorb Transit Risks
Traders are closely watching Saudi Arabia's efforts to restore its East-West pipeline, which was damaged in attacks earlier this month. Saudi Aramco has told at least two European refining customers that they will receive no Saudi crude next month under long-term contracts, forcing buyers to seek replacement supplies.
Saudi exports have nevertheless started to recover, with Reuters reporting that shipments rose above 4 million barrels a day in September, compared with 2.4 million barrels a day in August. Shipments through the Strait of Hormuz have also increased as Saudi Arabia adjusts its export routes.
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