Indian basket over $80

India's crude oil basket was at $80.42 (Rs 3,182) a barrel on Wednesday, up 31 cents from a day earlier, a release from the petroleum and natural gas ministry said on Thursday.

The global crude oil prices are up on tensions between Turkey and Iraq. On Wednesday, Turkey launched a military offensive killing 34 Kurdish rebels in northern Iraq.

Iraq is a major oil producer and there are concerns that Turkish military action against Kurds could impact oil supplies.

Kurdish rebels had threatened to blow up a large network of oil and gas pipelines that run through northern Iraq to Turkey if Ankara attacked them.

The rise in crude prices was also bolstered on unexpected fall in US petroleum stocks due to weak imports and lower refinery usage.

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

Dubai crude on Wednesday ended at $78.12 a barrel, down 30 cents, while Oman closed at $78.37 a barrel, down 50 cents from the previous close. In October so far, India's crude oil basket has averaged $77.96 a barrel, compared with $74.83 in September and $69.03 in August.