Crude oil prices continued to trade below US$80 per barrel after optimism grew over possible progress in negotiations involving the United States and Iran. Expectations that tensions in West Asia could ease have reduced concerns over disruptions to oil supplies through the Strait of Hormuz, one of the world’s busiest energy corridors.
Lower crude prices are positive for India because they help reduce the import bill, ease inflationary pressure and improve profitability for several sectors that depend heavily on fuel and logistics. However, traders remain cautious as any setback in negotiations could quickly push oil prices higher again.
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