Analysts expect crude prices to remain in the range of $80-85 per barrel going ahead.
"Oil prices immediately sunk after the announcement, reversing gains from earlier in the day, suggesting the market was disappointed by the outcome," said Jorge Leon, senior vice president at Rystad Energy.
"As a result, we expect prices to hover between $80 and $85 per barrel in the coming months." The benign outlook for Brent crude prices augurs well for India, which meets 85% of its crude oil requirement via imports. The import bill has reduced in recent months as crude prices softened and the supply diversified with Russian Ural accounting for a major share of imports.
The Indian basket of crude is still closely linked to Brent. Despite the rise in import volumes, the net crude import bill declined by nearly a fourth to $68 billion in April-October period compared with $90.1 billion in the corresponding period of last fiscal.
Lower crude oil import bill will allay the concerns over the current account deficit, even as merchandise trade deficit touched an all-time high of $31.5 billion in October.
This story is from the December 02, 2023 edition of Financial Express Mumbai.
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This story is from the December 02, 2023 edition of Financial Express Mumbai.
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