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Tuesday, October 27, 2026Updated 10:56 UTC

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India’s Oil Buyers Squeezed by $123 Crude and Weak Rupee

Source: OilPrice.com · Oct 27, 2026 07:30 UTC

An oil tanker ship in the Houston Ship Channel — File photo roger4336 / Flickr · CC BY-SA 2.0 · Source

The Quick Take

The Indian crude basket hit $123.29 per barrel last week, approaching levels recorded in March 2012, and adding 86% to the price Indian oil marketing companies pay, local media have reported, also noting the effect of a cheaper rupee. Since Indian companies pay for the oil they buy from abroad in U.S. dollars, a weaker Indian currency swells the bill further. The combination of a war premium on in

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