Brent crude oil crashed to a four-year low on Friday, to below $90 - TopicsExpress

Brent crude oil crashed to a four-year low on Friday, to below $90 a barrel, taking this insane pressure off the countrys fiscal deficit. Brent is now down 25% since June and the trend is likely to continue, because of over-supply and slack international demand. State-run Oil companies had initially projected over Rs 127,000 crore revenue losses (in 2014-15) due to selling subsidised diesel, kerosene and cooking gas. This figure has now reduced to Rs.79,800 crore. As a result, our oil subsidy bill is now 37% lower, which will help tame inflation !

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