But a closer look at a dozen tankers containing dirty Russian oil suggests that for the buyers, the debacle has a long way to run and will cost them hundreds of millions of dollars.
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On Multi Commodity Exchange, crude oil for delivery in July contracts was trading higher by Rs 33, to Rs 4,050 per barrel.
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Brent crude futures were trading down 19 cents, or 0.3%, at $60.75 a barrel
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The final and last approval for the Adani Group's long-delayed billion dollar mega coal mine project came weeks after a surprise election win of Australia's pro-coal ruling coalition led by Prime Minister Scott Morrison.
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Shares of Gujarat Industries Power Company Ltd were trading 0.13 per cent lower at Rs 75.35 apiece on BSE.
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Brent crude was up by 90 cents, or 1.3%, at $73.11 a barrel by 0604 GMT, having earlier touched $73.40, the highest since April 26.
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India, Iran's top oil client after China, shipped in about 277,600 barrels per day (bpd) of oil from Tehran in April, down about 31.5 per cent from the previous month, preliminary tanker arrival data from shipping and industry sources showed
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For oil-import dependent India, higher global prices could lead to a weaker rupee, higher inflation, the ruling out of interest rate cuts and could further weigh on twin current account and budget deficits
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