Crude basket slips to $97.05

A day after hitting the record high of $98.17 a barrel, India's crude oil basket fell to $97.05 (Rs 3,912) Tuesday, a release from the petroleum and natural gas ministry said on Wednesday.

A rebound in the dollar on Tuesday triggered a fall in crude oil prices on the New York Mercantile Exchange, which closed below $100 a barrel for the first time after four trading sessions.

The weakness in global crude prices was reflected in the Indian basket, which includes Oman-Dubai sour grade and Brent dated sweet crude in 61.4:38.6 ratio.

Brent crude Tuesday closed at $98.47 a barrel, down $3.88 from Monday. Dubai crude closed at $95.72 a barrel, up 65 cents from Monday, while Oman crude rose 56 cents a barrel to close at $96.58 a barrel.

The Indian crude oil basket has averaged $97.62 a barrel so far this month as against $92.37 a barrel in February, and $89.52 in January, the data showed.