Indian oil eases to $85/bl

The country's crude oil basket Monday eased by $1.25 a barrel to $85.29, a petroleum and natural gas ministry release said on Tuesday.

Global crude oil prices have been down amid talks that the Organization of Petroleum Exporting Countries may decide to boost production at its meeting Wednesday. The Indian basket has averaged $89.11 a barrel in Nov compared with $79.33 in October and $74.78 in September.

India's crude oil basket comprises Oman-Dubai sour (high sulphur) grade crude and Brent dated sweet (low sulphur) crude in 59.8:40.2 ratio.

Brent crude Monday ended at $87.83 a barrel, down 67 cents from Friday.

Dubai crude closed at $83.45 a barrel, down $1.63 and Oman crude fell $1.59 from Friday's close to end at $83.93 a barrel.