The basket of crude oil that Indian refiners buy rose $1.56 a barrel to $115.87 per barrel on Friday, the latest day for which data are available. The prices of light sweet crude oil on the New York Mrchantile Exchange recorded its first weekly gain in three weeks last week on supply concerns, but is trading lower by around 50 cents on Monday.
Crude oil prices rose sharply last week on worries over likely supply disruptions due to tension between the US and Russia.
The price of the Indian crude oil basket, which comprises Oman-Dubai sour grade crude and Brent
dated sweet crude in a 62.3:37.7 ratio, tracks global oil prices with a day's lag.
The Indian basket had hit a four-month low of $107.93 per barrel on August 15 but has since risen in tandem with global prices.
The basket has averaged $113.50 a barrel so far this month, down 14.3 per cent from the July average of $132.37 per barrel.
