Oil rises 1% after Trump says India promised to stop buying from Russia

Contributing sentiments towards policy:

52% : Trump said on Wednesday that India - which taps its top supplier Russia for about one-third of its oil imports - would halt oil purchases from Russia, and the U.S. would next try to get China to do the same as Washington intensifies efforts to cut off Moscow's energy revenues and pressure it to negotiate a peace deal in Ukraine.
51% : The sanctioned entities include four oil terminals, the private refiner Shandong Yulong Petrochemical in China, 44 tankers in the "shadow fleet" transporting Russian oil, and Nayara Energy Limited, a Russian-owned refinery in India.
49% : Some Indian refiners are preparing to cut Russian oil imports, with expectations of a gradual reduction, three sources familiar with the matter told Reuters.
45% : For months, Modi resisted U.S. pressure to stop buying Russian oil, with Indian officials defending the purchases as vital to national energy security.
38% : "At the margin, this is a positive development for the crude oil price as it would remove a big buyer (India) of Russian oil," said Tony Sycamore, a market analyst at IG.
32% : By Katya Golubkova and Sam Li TOKYO (Reuters) -Oil prices rose around 1% on Thursday after U.S. President Donald Trump said Indian Prime Minister Narendra Modi had pledged his country would stop buying oil from Russia, a move that could drain supply elsewhere.
24% : The foreign ministry statement made no reference to Trump's comment about India's purchases of Russian oil.

*Our bias meter rating uses data science including sentiment analysis, machine learning and our proprietary algorithm for determining biases in news articles. Bias scores are on a scale of -100% to 100% with higher negative scores being more liberal and higher positive scores being more conservative, and 0% being neutral. The rating is an independent analysis and is not affiliated nor sponsored by the news source or any other organization.