Indian Basket of Crude Oil Down to $46.75 a bbl from Previous Close

Indian Basket of Crude Oil Down to $46.75 a bbl from Previous Close

Government on Wednesday said the international crude oil price of Indian Basket as computed by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 46.75 per barrel (bbl) on 14.06.2016. This was lower than the price of US$ 47.46 per bbl on previous publishing day of 13.06.2016.

“In rupee terms, the price of Indian Basket decreased to Rs. 3139.67 per bbl on 14.06.2016 as compared to Rs. 3183.17 per bbl on 13.06.2016. Rupee closed weaker at Rs. 67.15 per US$ on 14.06.2016 as against Rs 67.07 per US$ on 13.06.2016,” government said in press release.

In global scenario, oil prices tumbled again on Wednesday as traders got concerned about the chances of Britain leaving the European Union while news of a surprise jump in US stockpiles followed a warning of an extended period of global oversupply.

At about 0640 GMT, the US benchmark West Texas Intermediate (WTI) fell 64 cents, or 1.32 percent, to $47.85. Brent fell 68 cents, or 1.36 percent, to $49.15.

WTI has fallen 7.5 percent from last week’s 11-month peak and Brent is down 5.5 percent from its eight-month high.

After almost doubling from February to touch multi-month highs last week, the commodity tumbled along with equities markets on worries about the global outlook and Britain’s EU future.

The selling pressure built up Tuesday when the International Energy Agency said in its monthly report that it expects global crude demand to grow this year and next but that huge inventories would cap future price gains.

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Traders are awaiting the release of official US stockpiles figures later Wednesday, while the Federal Reserve is also due to conclude a two-day meeting. The Bank of Japan ends its own policy gathering Thursday, which will be closely followed to see if it introduces fresh stimulus measures.

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