Reliance Industries Makes First Purchase of US Crude

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(LiveMint)

Reliance Industries Ltd (RIL), owner of the world’s biggest refining complex, has bought its first ever crude oil cargoes from the US, drawn by the oil’s economics after the price spread between US crude futures and Brent futures widened, three trade sources said on Tuesday. Reliance bought 1 million barrels each of West Texas Intermediate (WTI) Midland and Eagle Ford crude, which are expected to arrive in November, they said.

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