Crude oil basket at record $98.17

Continuing its surge, India's crude oil basket Monday rose $1.01 a barrel to a new high of $98.17 (about Rs 3,950), a release from the petroleum and natural gas ministry said on Tuesday.

Continued weakness in the greenback and expectations that the Organization Of Petroleum Exporting Countries would maintain status quo on oil supplies at its meet Wednesday, pushed prices higher.

United Nations decision to tighten sanctions against Iran also boosted prices, raising concerns that the oil-rich country may retaliate by curbing supplies.

Crude oil prices on the New York Mercantile Exchange and Intercontinental Exchange Monday touched record levels of $103.95 a barrel and $102.29 a barrel, respectively.

The Indian crude oil basket has averaged $98.17 a barrel so far this month as against $92.37 a barrel in February, and $89.52 in January, the data showed.

The Indian crude basket comprises Oman-Dubai sour (high sulphur) grade crude and Brent dated sweet (low sulphur) crude in 61.4:38.6 ratio. Brent crude Monday closed at $102.35 a barrel, up $1.36 from its previous close.

Dubai crude closed at $95.07 a barrel, up 37 cents from Friday, while Oman crude rose $1.22 a barrel to close at $96.02 a barrel.