Oil prices surged as the possibility of a U.S.-India deal to lessen Russian crude oil imports emerged. Brent crude rose 1.6% to $62.30 a barrel, while WTI increased by 1.7% to $58.20. This agreement could potentially boost demand for other oil grades. Additionally, reducing tariffs on Indian exports to the U.S. could help alleviate trade tensions, according to MUFG’s Soojin Kim.

Read more at Dow Jones & Company: Oil Rises on Prospect of India Agreeing to Reduce Russian Oil Imports