The price of the country's crude oil basket fell $1.08 a barrel on Wednesday to $56.54 (Rs 2,578) a barrel, the petroleum and natural gas ministry said today. | |
| The Indian crude basket comprises Oman-Dubai sour grade crude and Brent dated sweet crude in 58:42 ratio. |
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| On Wednesday, Brent crude closed at $57.77 a barrel, while Dubai and Oman benchmarks were at $55.22 and $56.19 a barrel, respectively. |
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| Crude oil for November delivery on the NYMEX fell 93 cents on Wednesday to close at $57.59 a barrel on speculation the Organization of the Petroleum Exporting Countries (Opec) doesn't have Saudi Arabia on board to reduce output. |
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| In October till Wednesday, the basket averaged $57.36 per barrel compared with September's $61.04 and August's $70.84. |
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| The softening of crude prices last month provided some relief to India's oil marketing companies that had been reeling under heavy revenue losses. |
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| The state-owned oil marketing companies have not revised retail product prices since June. |
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