11 Year Low of Crude Oil Prices

crude oilThe International Crude oil prices touched a eleven year low with a barrel of crude oil being sold as cheap as at 36 dollars. One need not be surprised even if the price of Crude oil will come down to 20 dollars per barrel shortly. Last year the oil prices shot upto 130 dollars per barrel. In the last 18 months oil prices dipped to two thirds low. The oil glut in the US and slow  economic growth worldwide are the major contributory cause for the down trend of the oil prices. But the dip in the oil prices is of no benefit to the oil consumer of India. The heavy import and excise duties coupled with local taxes will continue to keep the oil prices high in India, compared to other countries.

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