By Anil Varma Dec. 2 (Bloomberg) -- India’s 10-year bonds rose, pushing yields below 7 percent for the first time in more than three years, on speculation sliding oil prices will help slow inflation. Benchmark notes climbed for a fourth day after crude oil in New York slumped 9.5 percent, the most since Oct. 10, in New York yesterday on signs of a deepening global recession. India imports almost three-quarters of the oil it uses. The yield on the 8.24 percent note due April 2018 dropped 7 basis points to 6.99 percent as of 10:12 a.m. in Mumbai, according to the central bank’s trading system. It fell to 6.98 percent earlier, the lowest since September 2005, according to data compiled by Bloomberg. The price climbed 0.50 per 100 rupee face amount to 108.50. A basis point is 0.01 percentage point. To contact the reporter on this story: Anil Varma in Mumbai at avarma3@bloomberg.net.

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