Brent crude declined around 2% to nearly $101.7 a barrel on Monday as markets assessed signs of recovering Saudi Arabian shipments. US West Texas Intermediate crude also remained below $100.
The decline offers some relief to oil-importing economies such as India, although crude remains substantially above levels seen before the Middle East conflict intensified. A sustained increase in oil prices could raise India’s import costs and put pressure on inflation, the rupee and fuel-sensitive businesses.
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