At $76.43 a barrel, Indian basket of crude oil rises highest since Dec 2014

In the month of March, India's oil demand rose by a strong 335 kb/d, contributing to a growth of 360 kb/d in the first quarter.

On a day when the Indian basket of crude oil touched its three-and-a-half year high of $76.31 a barrel, the International Energy Agency (IEA) said in a report that following a growth of 125 kilo barrels per day  in 2017, India will see an acceleration in oil demand to 300 kb/d in 2018. This is despite a drop in global demand for oil.

On Wednesday, the Indian basket price touched its highest point since December 1, 2014, when it was seen at $76.43 a barrel. However, since the rupee value against dollar is much depreciated since then, the impact on