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Global oil prices have been easing for the last few weeks though on Monday they rose marginally. This will provide the much required relief to India&rsquo;s policymakers. India imports more than 80 per cent of its total oil requirements. Price of global WTI crude — world&#39;s most actively traded commodity — is now around $95-per-barrel while that of Brent around $104 amid weakening demand and rising fears of global recession. Lower crude prices would directly cut down India&rsquo;s import bill at a time when uncertainty in the world economic outlook has only risen.</p>
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Most central banks have also started tightening monetary policy. However, supplies have somewhat expanded after Lybia resumed production at its various oil fields, Reuters said.</p>
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However, according to Oilprice.com, the prices will not go as far down as drivers across the world would like it to go&mdash;or as far as politicians up for re-election would like it to go. Barring &ldquo;a dramatic event of demand destruction, oil is going to remain expensive for the observable future,&rdquo; it said, adding that the oil-producing cartel has indicated that it is in no rush to deploy its spare capacity to boost global supply.</p>
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Meanwhile, Russia is now India&rsquo;s second largest oil exporter.</p>
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Ravindra Rao, head of commodity research at Kotak Securities, said, &ldquo;Crude trades lower weighed down by mixed inventory report which noted an unexpected decline in US crude oil stocks but also a sharp rise in gasoline stocks reflecting weaker demand despite ongoing summer driving season.&quot;</p>
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<strong>Also read: <a href="https://www.indianarrative.com/economy-news/indian-economy-on-the-mend-but-policymakers-need-to-be-watchful-amid-high-crude-prices-175184.html">Indian economy on the mend but policymakers need to be watchful amid high crude prices</a></strong></p>
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