Indian crude basket touches $106.6 on global price surge

The Indian crude oil basket has touched USD 106.60, the highest in the current financial year, in tune with the global surge in prices. India relies on imports to meet over 80% of its crude oil requirements, reports Business Standard.

February 26, 2011 / 15:37 IST

The Indian crude oil basket has touched USD 106.60 per barrel, the highest in the current financial year, in tune with the global surge in prices. India relies on imports to meet over 80% of its crude oil requirements, reports Business Standard.

The Indian crude basket represents a mix of Oman, Dubai and Brent crude. Oman crude oil futures on Thursday rose to a 30-month high on concerns that some production in Libya may be halted. Libya accounts for a little over 2% of crude oil globally.

Futures in Oman, for delivery in April, gained USD 5.65 to USD 114 per barrel on the Dubai Mercantile Exchange. Brent crude also touched well over USD 119 per barrel.

first published: Feb 26, 2011 03:22 pm

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