Indian basket rises to $85.40 per barrel

India's crude oil basket yesterday stood at $85.40 (about Rs 3,363) a barrel, up 28 cents a barrel from Monday' close, a petroleum and natural gas ministry release said on Wednesday.

The Indian basket has averaged $85.83 a barrel so far in December as against $89.11 in November and $79.33 in October. India's crude oil basket comprises Oman-Dubai sour (high sulphur) grade crude and Brent dated sweet (low sulphur) crude in the ratio of 59.8:40.2. Dubai crude closed at $83.37 a barrel yesterday, up 39 cents, while Oman crude rose 46 cents from the previous close to end at $84.02 a barrel.

A weaker dollar supports for crude oil prices, as it makes it cheaper for consumers to buy the commodity.