New Delhi, Easing of the global crude oil prices could result in decline in prices at which India buys its crude to below $100 a barrel.
The Indian basket, which had touched a five-month low on Monday at $101.65 a barrel, could be in the range of $99-$101 a barrel on Tuesday, industry officials said. Courtesy:Business Line
The Indian crude basket comprises Oman-Dubai sour grade crude and Brent dated sweet crude in a 62.3:37.7 ratio. However, the recent trend shows that Dubai-Oman crude does not necessarily follow the Brent movement, sources said.
On Monday, while Dubai-Oman crude oil prices went up marginally, the dated Brent crude fell 39 cents a barrel to $101.64.
Source: PETROLEUM BAZAAR