In a key development, India and the United Arab Emirates (UAE) have embarked on a groundbreaking move by opting to settle their crude oil transactions using their respective national currencies.

India and UAE make landmark move to settle crude oil transactions in national currencies

Chinese and Indian imports of Russian crude oil soared to record levels in May, as buyers took advantage of discounted supplies, a Reuters report said. India and China imported around 110 million barrels in May, which was an increase of nearly 10 percent from the previous month, despite warnings from the United States against evading price caps.

110 million barrels and counting: Russian oil imports from India and China surge in May

Russia's oil trade with India and China is going strong amid the Ukraine war and economic sanctions by the West. India and China have bought the vast majority of Russian oil in April at prices above the price cap of $60 per barrel imposed by the West, a Reuters report said.

Russia's oil exports remain strong, India and China top buyers in April: Report

Brent crude oil rebounded from 2-days of losses. Oil trading has been more volatile than ever in recent days. Watch report.

US oil jumps 20% in wild trade: Revound from 20-yr low levels

The coronavirus has brought a lot of firsts but none as stark and shocking as oil trading in the negative zone. Also read: We will never let the great US oil & gas industry down, says Trump after prices crash What does that even mean?

Oil trades in negative zone, how does it impact prices across the globe?

oil-trading

Oil Trading, News on Oil Trading, stories on Oil Trading, articles on Oil Trading, Oil Trading stories at Wion, Oil Trading news, Oil Trading latest news