India's crude oil basket was at $80.42 (Rs 3,182) a barrel on Wednesday, up 31 cents from a day earlier, a release from the petroleum and natural gas ministry said on Thursday. | |
| The global crude oil prices are up on tensions between Turkey and Iraq. On Wednesday, Turkey launched a military offensive killing 34 Kurdish rebels in northern Iraq. |
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| Iraq is a major oil producer and there are concerns that Turkish military action against Kurds could impact oil supplies. |
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| Kurdish rebels had threatened to blow up a large network of oil and gas pipelines that run through northern Iraq to Turkey if Ankara attacked them. |
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| The rise in crude prices was also bolstered on unexpected fall in US petroleum stocks due to weak imports and lower refinery usage. |
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| India's crude basket comprises Oman-Dubai sour (high sulphur) grade crude and Brent dated sweet (low sulphur) crude in 59.8:40.2 ratio. |
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| Dubai crude on Wednesday ended at $78.12 a barrel, down 30 cents, while Oman closed at $78.37 a barrel, down 50 cents from the previous close. In October so far, India's crude oil basket has averaged $77.96 a barrel, compared with $74.83 in September and $69.03 in August. |
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