Zee Media Bureau
The international crude oil price of the Indian basket, computed by the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas, fell to USD 47.36 per barrel on Friday, compared to USD 47.95 per barrel on the previous publishing day.
In rupee terms, the price of Indian Basket decreased to Rs 2955.26 per barrel on January 9 as compared to Rs 3019.41 per barrel on January 8, an official press release said.
Meanwhile, oil prices fell further in Asia Monday, with weak demand and a supply glut putting relentless pressure on prices already at their lowest in five and a half years, analysts said.
The US benchmark, West Texas Intermediate for February delivery, lost USD 1.06 to USD 47.30 a barrel, while Brent was down USD 1.32 to USD 48.79.
Crude prices have lost more than half their value since the middle of last year when they sat well above USD 100 a barrel.
With agency inputs
