Indian crude basket crosses US$100 per barrel

The average crude oil price of the Indian basket in the current fiscal year is around US$78 per barrel as against US$62 in the last financial year

With crude oil futures in the US nearly crossing the US$110 per barrel mark, the Indian crude basket has crossed US$100 a barrel. On Monday, the Indian crude basket reached US$100.17 per barrel, up 29 cents from March 7.

The average crude oil price of the Indian basket in the current fiscal year is around US$78 per barrel as against US$62 in the last financial year. This is expected to lift the oil import bill in the current fiscal. Last year, the oil import bill was US$57bn.

The Indian crude basket comprises Oman-Dubai sour (high sulphur) grade crude and Brent dated sweet (low sulphur) crude in the ratio of in 58:42.

Meanwhile, crude oil retreated from a record in New York as the dollar gained after the Federal Reserve said it would lend up to US$200bn of Treasury securities in exchange for debt, including mortgage-backed securities.

The dollar rose the most in six months against the yen and climbed from a record low versus the euro.

Crude oil for April delivery fell as much as 40 cents, or 0.4%, to US$108.32 a barrel in New York. It was trading at US$108.44 at 9:44 a.m. in Sydney. Yesterday, futures rose 85 cents, or 0.8%, to settle at a record close of US$108.75, having earlier surged to US$109.72, the highest since trading began in 1983.

Brent crude for April settlement yesterday rose US$1.09, or 1.1%, to close at a record US$105.25 a barrel on London’s ICE Futures Europe exchange. Futures earlier reached an all-time high intraday price of US$105.82

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