At $76.43 a barrel, Indian basket of crude oil rises highest since December 2014 - Feedback

On a day when the Indian basket of crude oil touched its three-and-a-half year high of $76.31 a barrel, the International Energy Agency (IEA) said in a report that following a growth of 125 kilo barrels per day in 2017, India will see an acceleration in oil demand to 300 kb/d in 2018.

This is despite a drop in global demand for oil. On Wednesday, the Indian basket price touched its highest point since December 1, 2014, when it was seen at $76.43 a barrel. However, since the rupee value against dollar is much depreciated since then, the impact on India’s trade balance would be higher. The rupee is at 67.53 a dollar currently against Rs 61.80 on December 1, 2014.

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