Wednesday, 26 August 2015

Indian Crude Oil Basket Now Dips Below $43 Per Barrel : 26 Aug 2015

As global crude oil prices plummeted to fresh six-year lows, the Indian basket also fell to $42.97 per barrel from $45.21 on the trading day before, as per official data released on Tuesday. The Indian basket -- comprising 73 percent sour-grade Dubai and Oman crudes, and the balance in sweet-grade Brent -- fell to its lowest since December 2008 when the prices averaged $40.61 for the month, as per data with the government-run Petroleum Planning and Analysis Cell. The Indian crude oil data comes with a lag of one day. Two key benchmarks, Brent and Western Texas Intermediate (WTI), were trading lower in the Asian markets at $43.13 per barrel and $38.67 per barrel, respectively, as per mid-session reports of Tuesday.

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