Oil drops below $40/barrel

Highlights

International crude oil prices plunged to fresh lows with the price of the Organisation of Petroleum Exporting Countries (OPEC) basket of twelve crudes going below the $40 a barrel level for the first time in 11 years.

New Delhi : International crude oil prices plunged to fresh lows with the price of the Organisation of Petroleum Exporting Countries (OPEC) basket of twelve crudes going below the $40 a barrel level for the first time in 11 years.

The new OPEC reference basket of 12 crude oils closed at $39.21 a barrel on the previous trading day on Friday, the organisation's secretariat said. On Thursday, the price stood at $40.21. The last time it fell to $39 was in 2004.

Oil prices have been under pressure for several months due to concerns over oversupply, but the slump has deepened in the recent period.

Crude-oil production has remained robust despite the large drop in prices in the last year, as US producers continue to cut costs and members of the Organization of the Petroleum Exporting Countries continue to produce at full tilt.

The Indian basket, comprising 73 percent sour-grade Dubai and Oman crude, and the balance in sweet-grade Brent, plunged to $41.39 on Friday.

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