Crude prices recover from sharp plunge, fuel prices down in India

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Crude prices recover from sharp plunge, fuel prices down in India

Jan 29, 2019 10:49 IST

Crude oil futures stabilised in Asian trade on Tuesday after a sharp overnight plunge. Oil prices saw a sharp dip but rebounded following reports that the US was preparing to issue sanctions on Venezuela's state-owned oil company, PDVSA. US-China trade talks, and the Fed policy statement may keep prices volatile but traders believe OPEC’s production cuts will provide a floor to price declines . Here in India, this also spells the first cut in fuel prices since 5th January - petrol prices were cut by 8-9 paise & diesel by 11 paise across the four metros.

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