India closely watching developments but not unduly worried about oil prices

New Delhi: The Finance Ministry is closely watching developments in West Asia but is not worried about crude oil prices, government sources said.

The government has tools to deal with volatile crude oil prices, sources said.

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India has seen much higher crude oil prices, crude oil prices are still not at those levels, sources said.

Crude oil futures surged as much as 5 per cent in Thursday’s intraday session after US President Joe Biden said his administration would support Israel striking Iran’s oil facilities.

Brent crude for November delivery gained 4.8 per cent to trade at USD 77.44 per barrel.

PTI