Indian crude oil basket hits record $78.88/blBS Reporter / New Delhi October 16, 2007The basket of crude oil that Indian refiners buy recorded a fresh high of $78.88 a barrel on Monday, the latest day for which data is available. The basket, which comprises Oman-Dubai sour (high sulphur) grade crude and Brent dated sweet (low sulphur) crude in 59.8:40.2 ratio, rose by $1.1 from Friday's closing price.Reports of threats from Turkey to invade northern Iraq to deal with rebels are keeping international crude oil prices on the boil. The area is close to major crude oil pipelines and any conflict can possibly disrupt supplies from Iraq.So far this month, India's crude oil basket has averaged $76.13 a barrel compared with $74.83 in September and $69.03 in August. In the financial year ended March, the basket averaged $62.46 a barrel as against $55.72 the previous year.Global crude oil prices also continued its rise to $87 a barrel today extending the previous day's 3% rally amid fund buying triggered by tension between Turkey and Iraq and anxiety over winter supply.The high crude oil prices is keeping the oil marketing compaies worried as their losses from sale of petroleum products at government-controlled prices have mounted to around Rs 200 crore per day from around Rs 180 crore in the first half of September.Oil marketing companies
