India crude basket slips below $50

Mumbai: The Indian crude basket slipped below the $50 per barrel level at $49.85 on Thursday, trading at a discount of $2-3 to North Sea Brent.
The Indian basket comprises Oman-Dubai sour grade crude and brent dated sweet crude at an average 60:40 ratio. The MCX WTI crude contract for delivery in February was trading at Rs 2,382 around 8 pm, from Wednesday’s close of Rs 2,331 per barrel.
Beneficiaries of the falling crude prices are the oil marketing and airline companies (for whom ATF is the biggest cost head). Jet Airways, Air Deccan and Spice Jet have seen a rise of 20%, 18% and 10% respectively in their stock prices over the last one month. Downstream refining marketing major Indian Oil is up 12% during the same period, while HPCL and BPCL have gone up by 18% and 10% each.
19/01/07 Times of India

To Read the News in full at Source, Click the Headline