India’s crude oil basket on Wednesday rose 54 cents a barrel to $86.96 (about Rs 4,100), data released by the petroleum and natural gas ministry showed today. Tuesday, the Indian basket had fallen to an eight-month low of $86.42 per barrel.
The Indian crude basket comprises Oman-Dubai sour grade crude and Brent dated sweet crude in a 62.3:37.7 ratio. Wednesday, both Dubai and Oman crude prices rose by 71 cents a barrel each to $86.86 and $87.06, respectively. Dated Brent crude also rose by 26 cents a barrel to $86.95. T
The Indian crude basket has been falling in line with the global crude prices and has declined about 39 per cent since July, when it touched a record high of $142.04 a barrel. The Indian basket has averaged $98.25 per barrel so far this month, down over 13 per cent from August average of $113.05.
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