Oil prices steady after hitting 10-month high as Saudi Arabia, Russia cut supply

The inflated crude price in the international market will raise cost of India’s crude basket, and oil marketing companies will have to shell out more to import crude.
For reprentational purpose (Photo| IANS)
For reprentational purpose (Photo| IANS)

NEW DELHI: Crude oil prices remained steady on Wednesday after touching a 10-month high of $90 per barrel in the international market as Saudi Arabia and Russia extended their voluntary production cut and export. 

On Wednesday, Brent crude price was trading at $89.86 a barrel at (7 PM IST) while West Texas Intermediate futures were trading at $89.86 per barrel. On Tuesday, Brent crude closed at $90.04 per barrel for the first time since November 2022 and West Texas Intermediate futures settled at $86.69 per barrel. 

The inflated crude price in the international market will raise the cost of India’s crude basket, and oil marketing companies will have to shell out more to import crude. As per the government data, the crude basket of India imports has averaged $89.81 per barrel this month, up from $86.43 in August.  

Meanwhile, prices of petrol and diesel have been on a freeze for a record 17 months in a row. Petrol costs Rs 96.72 per litre in the national capital and diesel comes for Rs 89.62 a litre. Saudi Arabia decided to keep its 1 million barrels a day cut in supplies to the global market until the end of December. 

Related Stories

No stories found.
The New Indian Express
www.newindianexpress.com