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Article: India blames speculators for rise and fall of oil prices.
- Article from:
- PTI - The Press Trust of India Ltd.
- Article date:
- December 19, 2008
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India blames speculators for rise and fall of oil prices
London, Dec 19 (PTI) With crude oil prices plunging to four-year lows of USD 36 a barrel, India today blamed speculators for the rally that took the prices to record USD 147 a barrel in July and the subsequent fall and called for transparent regulations of futures markets.
"There was an unprecedented boom; then the collapse. Who imagined this?... Steep rise in oil prices was distressful for the energy deficient economies, as their evolution, sustenance and the growth centered on oil," Petroleum Minister Murli Deora said while addressing the 'London Energy Ministers Meeting' here today.
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