Indian basket hits new high

India's crude oil basket on Friday surged to a fresh record high of $84.78 (Rs 3,338) a barrel, up $2.50 (Rs 99) from a day earlier, a petroleum and natural gas ministry release said today.

Global crude oil prices are northbound on concerns over supplies, as geopolitical tensions in West Asia continue. Turkey has stated it will continue with its military offensive plan to flush out Kurd rebels in Iraq, despite the latter's threat to cut supplies to Ankara.

Tensions between the US and Iran, which has the world's second biggest oil reserves, is also driving up crude prices.

The crude basket comprises Oman-Dubai sour (high sulphur) grade crude and Brent dated sweet (low sulphur) crude in a ratio of 59.8:40.2.

On Friday, Dubai crude ended at $82.72 a barrel, up $2.44, while Oman closed at $82.74 a barrel, up $2.36 from close Thursday.

In October so far, India's crude oil basket has averaged $78.52 a barrel, compared with $74.83 in September and $69.03 in August.