Global crude oil price: Indian basket falls
The international crude oil price for Indian Basket as computed/published by the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas declined sharply to USUSD .105.60/barrel (bbl) on Nov 8.
With this, price was lower by USUSD 2.77/bbl on Nov 8 as compared to USUSD 108.37/bbl on the previous trading day's figures of Nov 7.
In rupee terms also, crude oil price fall to Rs 5748.86 per bbl on Nov 8 as compared to Rs 5879.07 per bbl on Nov 7.
This was due to rise in price in dollar terms though rupee depreciation moderated the fall in price in rupee terms the rupee-dollar exchange rate on Nov 8 was Rs 54.44/USUSD against Rs 54.25/USUSD on Nov 7.