Indian crude basket touches $106.6 on global price surg

The Indian crude oil basket has touched USD 106.60 per barrel, the highest in the current financial year, in tune with the global surge in prices. India relies on imports to meet over 80% of its crude oil requirements, reports Business Standard.

The Indian crude basket represents a mix of Oman, Dubai and Brent crude. Oman crude oil futures on Thursday rose to a 30-month high on concerns that some production in Libya may be halted. Libya accounts for a little over 2% of crude oil globally.

Futures in Oman, for delivery in April, gained USD 5.65 to USD 114 per barrel on the Dubai Mercantile Exchange. Brent crude also touched well over USD 119 per barrel. “A fuel price rise seems inevitable. The government has to decide on the timing, possibly after Budget Session of Parliament,” said an oil company official.

The Indian crude basket has averaged around USD 99.85 per barrel in February so far, a rise of over 6%, compared with January’s average of USD 93.87.

(Source: http://www.moneycontrol.com/news/business/indian-crude-basket-touches-361066global-price-surge_526282.html)