Indian oil basket hits high of $104.63/bl

The basket of crude oil that Indian refiners buy hit another fresh high of $104.63 per barrel on Monday, the latest day for which data is available. The price of crude oil for May delivery on the New York Merchantile Exchange hit a high of $112.48 per barrel before falling to around $111.94 per barrel on Tuesday.

A weak dollar and supply disruptions after Mexico shut three oil exporting ports due to bad weather are being seen as the reason for the rise in oil prices.