India's crude oil basket on Friday rose 41 cents a barrel from a day earlier to $77.78 (Rs 3,057), a petroleum and natural gas ministry release said today. |
Crude oil contract for November delivery on New York Mercantile Exchange on Friday ended at its highest-ever settlement price on increasing concerns over global crude oil and product supply deficit in the upcoming winter. |
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The benchmark November contract on the NYMEX closed at $83.69 a barrel, up 61 cents from the previous close. |
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The International Energy Agency and the US Energy Information Administration have last week released forecasts predicting a big deficit in supply with relation to demand during winter. |
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Tensions on the Turkey-Iraq border added to concerns about the adequacy of oil supplies, thereby pushing global crude prices up. India's crude basket comprises Oman-Dubai sour (high sulphur) grade crude oil and Brent dated sweet (low sulphur) crude oil in 59.8:40.2 ratio. |
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So far this month, India's crude oil basket averaged $75.86 a barrel compared with $74.83 in September and $69.03 in August. |
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In the financial year ended March, the basket averaged $62.46 a barrel as against $55.72 the previous year. |
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