Hello Dhruvin,
Your code is running in the context of the UI, WebService, Process Agent, ...
Those surrounding frameworks are taking care of transaction handling (i.e. Save / Commit & Cancel / Abort).
What sense does a static attribute mean?
Either the BO is in the buffer and will be persisted on Save or your Delete() has removed it from the buffer and it will be removed from persistence at Save.
Whereas Cancel will not persist anything.
Bye,
Horst