LAUNCESTON, Australia, Nov 24 (Reuters) – There are signs that China and India are backing away from buying Russian crude ahead of the Group of Seven Nations’ proposed price cap and a European Union import ban.

However, the more important question for the market is whether a slowdown in buying from Russia by China and India is a temporary factor that will reverse once participants figure out how to work at or around the price cap.

China, the world’s largest crude oil…

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