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The world’s third largest oil importer, India, has decided to release 5 million barrels of crude oil from its strategic reserves in a concerted effort with other major oil-consuming nations such as the US, Britain, Japan, China and South Korea, to bring down global crude oil prices, which breached $85 a barrel mark last month. […]

The March contract of Brent on the Intercontinental Exchange (ICE) was at $54.70 a bbl, higher by 0.74 per cent from its previous close.