Brent futures retreated below US$84 a barrel after closing 1.3 per cent higher on Monday. Prices have bounced within a relatively tight range this year, and a measure of volatility remains near the lowest level in 13 months.
Indian refiners have also boosted processing, lifting rates in January to the highest in five years on the back of rising domestic demand. The country has also been a key consumer of Russian crude, taking advantage of discounted cargoes.
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