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Futures contracts of crude oil rose to a five-month high of ₹3,472 per barrel on the Multi Commodity Exchange of India, tracking the New York Mercantile Exchange where oil futures neared $53. With public and political noises already getting louder on the oil prices front, oil marketing companies such as BPCL, HPCL and Indian Oil may be asked to absorb the increase due to inflation risks. Analysts will closely monitor the development.
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