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India Crude Oil Basket Price Falls Sharply to USD 77.6 per Barrel in July

Guavy AI Editorial Team
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Oil
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India's average crude oil basket price has seen a significant drop to USD 77.6 per barrel in July from USD 114.5 per barrel in April, according to government data.

The decline in crude oil prices is expected to support the country's external sector and mitigate pressures on its current account, Minister of State for Finance Pankaj Chaudhary said in Parliament.

Recent geopolitical developments in West Asia have had a global impact, affecting countries that import crude oil. India's government added that recent measures announced by it and the Reserve Bank of India are expected to bolster capital inflows and meet the country's external financing requirements.

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