India's crude oil basket hits fresh high of $137.49/barrel Mon

[K.Karthik Raja]

India's crude oil basket hits fresh high of $137.49/barrel Mon
Tuesday, Jul 1

India's crude oil basket Monday touched a fresh record high of
$137.49 a barrel (about 5,8930 rupees), up 83 cents a barrel from
Friday, a petroleum and natural gas ministry release said today.
The crude oil basket had earlier touched a record high of $136.66
per barrel on Jun 27.
Crude oil prices on New York Mercantile Exchange Monday touched
new high of $143.67 a barrel on weak dollar and supply concerns from
Nigeria, where militants attacked another pipeline.
The Indian crude oil basket comprises Oman-Dubai sour (high
sulphur) grade crude and Brent dated sweet (low sulphur) crude in a
61.4:38.6 ratio.
The Indian crude basket price is calculated based on the average
of the prices of its constituents the previous day.
Dubai crude Monday rose $1.22 a barrel to $136.30, while Oman
crude increased over $1.70 to settle at $137.02 a barrel.
Brent crude however, fell 24 cents a barrel from Friday to close
at
$138.86.
The Indian crude oil basket price has averaged $129.72 a barrel
this
month, up nearly 7.3% from $120.91 in May.

Following is the price movement table of the Indian crude basket,
in
dollars per 1 barrel:

Period Price/barrel

Jun 30 137.49
Jun 27 136.66
Jun average 129.72
May average 120.91
Apr average 105.77
Mar average 99.76
Apr-Jun average 117.15
Jan-Mar average 93.77
Oct-Dec average 85.09
FY09 average (so far) 117.15
FY08 average 79.25
FY07 average 62.46
FY06 average 55.72
Highest price till date (Jun 30, 2008) 137.49
Previous highest price (Jun 27, 2008) 136.66
Lowest price since Apr 2005 (May 19, 2005) 45.61
Lowest price since Apr 2002 (Apr 12, 2002) 22.22.

End

B.Karthick,
Research Analyst.