Stable global markets spur crude oil prices

New Delhi, Aug 28 (IANS) Stable world markets coupled with hopes of a healthier world economic growth and demand lifted the Indian basket of crude oil prices to $44.28 a barrel, official data showed on Friday.

Data furnished by the government-run Petroleum Planning and Analysis Cell showed the strengthening of oil prices, after it fell over $2.50 over the previous weekend to $42.97 a barrel.

As per official data the Indian basket’s price stood at $44.28 per barrel (bbl) on Thursday from $42.63 per bbl on the previous close on Wednesday.

The crash in global equities markets, fears of a slowdown in China and higher inventory build-up in the US had caused global crude oil prices to plunge to a new six-year low on Monday.

The Indian basket — comprising 73 percent sour-grade Dubai and Oman crudes, and the balance in sweet-grade Brent — had fallen to its lowest since December 2008– when the prices averaged $40.61 for the month.

Data, which comes with a lag of one day, showed the Indian basket plunged on Monday below its earlier lowest levels this year at $43.36 in January.

The fall that time had resulted in the Reserve Bank of India (RBI) making the first of its interest rate cuts after a gap of nearly two years.

The two key benchmarks, Britain’s Brent and the US Western Texas Intermediate (WTI), were trading at $47.62 per barrel and $42.59 pe barrel on Friday, respectively.

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