Will oil prices cool off after tapping Strategic Petroleum Reserves?
India, along with the US, People’s Republic of China, Japan and the Republic of Korea, has decided to release five million barrels of crude oil from its strategic petroleum reserves in a concerted effort to bring down global crude oil prices.
This is the first of a kind coordinated move globally to tame the flaring crude oil prices.
Brent, the most popular benchmark in international trade for crude oil, hit $86.40 a barrel on October 26.
While prices cooled off since then to nearly $79 a barrel, they rose over three per cent in two days to hover around $83 per barrel-mark after the announcement.
