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 69.08 per barrel on Wednesday, compared to USD 70.08 per barrel on the previous publishing day.
In rupee terms, the price of Indian Basket decreased to Rs 4275.36 per barrel on Dec 3 as compared to Rs 4340.05 per barrel on Dec 2, an official press release said.
Meanwhile, oil prices rose in Asia today after a dip in US crude stockpiles raised optimism about energy demand in the world's top crude consumer during the winter season, analysts said.
US benchmark West Texas Intermediate for January delivery rose 33 cents to USD 67.71, while Brent crude for January gained 41 cents to USD 70.33 in late-morning trade.
The US Department of Energy said in its latest inventory report that crude stockpiles dropped 3.7 million barrels in the week ended November 28.
Oil prices plunged last Thursday after the OPEC cartel announced it was maintaining its output despite global oversupply.
Prices hit five-year lows Monday, with WTI as hitting USD 63.72 and Brent at USD 67.53, before rebounding.
Oil prices have fallen around 30 percent since late June, weighed down by concerns of a glut of crude on world markets and weak demand.
