Price of Indian crude oil basket falls to $49.11 per bbl

The international crude oil prices of the Indian basket has fallen below the $50 a barrel mark and was ruling at $49.11 per barrel as on Thursday (6 August), down from $50.03 per barrel on the previous day.

In rupee terms, the price of Indian basket decreased to Rs3,131.25 per bbl on compared to Rs3,192.91 per bbl the previous day even as the rupee closed stronger at Rs63.76 per dollar against Rs63.82 per dollar the previous day.

The international crude oil price of Indian basket is computed and published by the Petroleum Planning and Analysis Cell (PPAC) under the ministry of petroleum and natural gas.

Oil prices in the international market dropped towarda six-year lows on Thursday on concerns that the global crude glut would worsen when the US's busy summer-driving season comes to a close.

Oil prices on Thursday fell 49 cents, or 1.1 per cent, to $44.66 a barrel below $2 a barrel above the six-year low of $43.46, reached on 17 March.

Oil prices have slid since the end of June as a result of high levels of crude production in the US and other major suppliers, worries about weaker Chinese consumption and a strong dollar.

Oil prices last hit six-year lows in March, the lowest after a historic selloff brought prices down nearly 60 per cent in nine months pushed down by rising production in the US and a decision by the Organization of Petroleum-Exporting Countries to maintain output at relatively high levels.