India's crude basket at its 12-month peak
Price of Indian crude oil basket touched $50.14 per barrel in October. The last time India paid over $50 per barrel for oil was in October 2015.
The average crude oil prices in June this year was $46.96 per barrel with June 10 that came closest to the ‘$50’ mark at $ 49.35.
In the quarter ending June 30, India posted a current account deficit (CAD) of $277 million, or 0.1% of gross domestic product (GDP) mainly on the back of low oil prices.
However as crude oil inches up since August this year, the CAD may increase further in the second quarter of this financial year.