[MARKET ANALYSIS] Crude prices continue to fall; India to stop importing Russian oil as part of the trade deal with the US
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- Crude benchmarks continue to extend on Monday's losses, with WTI and Brent nearing USD 61/bbl and USD 65/bbl. Oil prices traded muted throughout the APAC session but were pressured following comments by Russia's Novak saying they have a surplus in fuel supplies.
- US President Trump also announced on Truth Social that the US has struck a deal with India, in which the US cuts India's tariff rate to 18% from 25% and removing the additional 25% tariff that was imposed due to Russian oil imports into India. In return, India is to stop importing Russian oil and instead purchase US, and possibly Venezuelan oil.
- Nat Gas futures continue to fall, with Dutch TTF returning to EUR 32/MWh as concerns over the Arctic storm affecting gas production ease.
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