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India may draw on oil reserves to soften prices as Ukraine's invasion disrupts global supplies

Oil surged 8% to $105 per barrel on Thursday after Russia's attack on Ukraine but has since retreated to $97 per barrel as fears of supply disruptions eased after US sanctions didn't target energy supplies from Russia. In November, the US, India, the UK, Japan and a few other countries got together to announce a coordinated release of oil from their strategic reserves to cool off prices.

from Industry-Economic Times
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