Crude basket hits $112.5/billion

The oil basket price had touched a record high of $111.90 a barrel on April 23. The crude oil basket has averaged $105.42 a barrel so far this month, up around 5.7 per cent from $99.76 in March.

The oil basket comprises Oman-Dubai sour (high sulphur) grade crude and Brent dated sweet (low sulphur) crude in a ratio of 61.4:38.6.

Dubai crude on Monday rose $3.45 a barrel to close at $110.20, while Oman crude ended at $110.4 a barrel, up $3.40 a barrel.

The benchmark crude oil contract for June delivery on New York Mercantile Exchange Monday settled at $118.75 a barrel after touching a record high of $119.93 a barrel, on supplies concern from Nigeria and UK.

Workers' strike at ExxonMobil Corp's Nigerian operations demanding more pay and BP shutting down its Forties pipeline system - that supplies oil to the UK - due to workers' walkout are boosting sentiment and triggering the current soar in global crude oil prices.