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Indian crude oil basket at 10-year high

New Delhi, June 10 The basket of crude oil that India buys has hit a decade high of $121 per barrel, but retail selling prices of petrol and diesel continue to remain frozen. Breaches $121/barrel The Indian basket has touched...
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New Delhi, June 10

The basket of crude oil that India buys has hit a decade high of $121 per barrel, but retail selling prices of petrol and diesel continue to remain frozen.

Breaches $121/barrel

The Indian basket has touched $121.28, matching levels seen in Feb/March 2012. International prices held near a 13-week high on Thursday.

The Indian basket on June 9 touched $121.28, matching levels seen in February/March 2012, according to data available from the oil ministry’s Petroleum Planning and Analysis Cell (PPAC).

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As per the PPAC, the Indian basket of crude oil averaged $111.86 per barrel between February 25 and March 29 — the immediate period after Russia’s invasion of Ukraine sent oil on fire. It averaged $103.44 a barrel between March 30 and April 27.

International oil prices held near a 13-week high on Thursday, underpinned by robust demand from key buyers like the US.

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They, however, pared some gains on Friday, with Brent crude futures for August losing 81 cents to trade at $122.26 per barrel. US West Texas Intermediate crude for July was at $120.72 a barrel, down 79 cents.

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