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Indian refiners pay dollars for Russian oil after dirham attempts fail | Hellenic Shipping News Worldwide

Indian refiners pay dollars for Russian oil after dirham attempts fail | Hellenic Shipping News Worldwide
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Oil Updates — Crude edges down; Indian refiners buy Russian oil in dollars

RIYADH: Oil prices retreated slightly on Thursday after gaining more than $3 in the prior session, with a strong dollar capping oil demand from buyers using other currencies and concerns over the faltering economic outlook clouding market sentiment. Brent crude futures fell 41 cents, or 0.5 percent, to $88.91 per barrel by 0337 GMT while US crude futures dropped by 35 cents,

Indian Refiners Pay Dollars For Russian Oil After Dirham Attempts Fail: Report

Indian companies are still buying Russian oil using dollars after Dubai's Mashreq Bank declined to handle payments from at least two refiners in Emirati Dirhams as requested by the supplier.

Indian refiners pay dollars for Russian oil after dirham attempts fail

Russia has been hit by sanctions from the United States and allies following its invasion of Ukraine, and Moscow has requested some buyers of its commodities pay using roubles or other currencies than the dollar and euro which its contracts are typically priced in.

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