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Oil at $70 could be the new normal

The market’s belief that oil prices above $60 a barrel would cause an increase in production by shale oil producers does not seem to be working

March 10, 2021 / 12:07 PM IST
Oil at $70 could be the new normal

Source: Reuters

Oil prices touching $70 a barrel have put the Indian government in a tight spot. Throughout 2020, when oil prices were low, the government used the opportunity to bridge its deficit by keeping taxes on fuels high. But now that oil is above $70 and petrol at the psychological Rs 100 a litre, the government is contemplating reducing taxes. With elections in several states, the tax cut may likely be announced soon. (image) Source: Tradingview.com However, will this cut be enough?...

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