Indian Refiners Are Snapping Up Russian Oil After US Waiver

Indian refiners are moving quickly to buy Russian oil, with million of barrels floating in Asian waters offering a quick fix to a Middle East supply crunch after the US relaxed restrictions on the trade.

More than 10 million barrels of Russian crude have already been bought, according to people with direct knowledge of the deals. Much of that may have been purchased even before the one-month waiver announced late Thursday in Washington.