Respite in sight as global crude oil dips to $73 a Barrel
Fuel consumers in India may see some relief from high prices as international oil NSE -2.91 % rates have cooled a bit. Crude oil slipped to $73 a barrel on Friday after hitting a multi-year high of $77 earlier this week on expectations of increased supply following reports that Saudi Arabia and the United Arab Emirates (UAE) have struck a deal to ease production cuts.
The UAE’s demand for a higher production quota had held back a deal on expanding supplies by the group of 23 producers known as OPEC+. The oil producers’ group had previously proposed an increase of 400,000 bpd each month between August and December, translating into a supply rise of 2 million bpd.
