In rupee terms, the price of Indian Basket decreased to Rs.3282.55 per bbl on April 24 as compared to Rs. 3306.96 per bbl on April 21. The rupee closed stronger at Rs. 64.48 per US$ on April 24 as compared to Rs. 64.57 per US$ on April 21.
On the global front, all eyes are on the meeting of OPEC and non-OPEC countries which are likely to be held in the next month. In this meeting, the OPEC countries may recommend the non-OPEC members to cut the oil production to arrest the falling oil prices. The crude oil prices inched up slightly in the Monday’s trading session after a falling streak in the past six consecutive trading sessions.
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