The Brent crude oil futures contract for October delivery on the London ICE exchange traded above $87 per barrel. Market data from trade sources reported by TASS indicate the level was reached as buyers and sellers moved the price higher in response to evolving supply and demand signals.
The price of Brent climbed 0.99 percent to 87.03 dollars per barrel, according to ICE data. This move comes amid persistent volatility in global energy markets and reflects the tightening of near term supply concerns in several producing regions. Traders note that day to day moves in Brent remain influenced by broader macro cues, including inventory data and policy signals from major producers. [CITATION: TASS]
In a separate development, Russian oil exports to India surged significantly in the period January through May 2023. Data from India’s Ministry of Commerce and Industry indicate shipments rose elevenfold compared with the same period a year earlier, reaching about 36.9 million tons. Market observers highlighted that during the first five months of 2023 Russia delivered 36.8 million tons of oil to India, surpassing the total for all of 2022, which stood at 33.4 million tons. With these figures, Russia maintained its position as India’s leading oil supplier, ahead of Iraq at 21.4 million tons and Saudi Arabia at 17.5 million tons. [CITATION: Vedomosti, based on Indian government data]
On the Moscow Exchange, comments from Dmitry Babin, a broker with BCS World of Investments, touched on the ruble’s weakness amid falling oil prices. He noted that as crude prices declined, the ruble often dampens in value against the dollar, reflecting the close link between energy markets and the currency; this dynamic can influence investment sentiment and currency liquidity in the short term. [CITATION: BCS World of Investments]
Historically, currency movements around oil price shifts have shown a pattern where commodity fundamentals and exchange rate expectations interact closely. Analysts point out that a sustained decline in oil prices tends to pressure the ruble, especially when global demand cues weaken or when regional supply risks intensify. The current environment underscores how market watchers balance the immediate moves in Brent with the longer run trajectory of export revenues, inflationary pressures, and monetary policy responses from Russia and trading partners. [CITATION: Market commentary]