Indian basket oil price at $103.5 on March 16, from $85 in JanuaryThe price of the Indian crude oil basket was $103.50 per barrel on March 16, 2022, at an exchange rate of Rs 76.35 a dollar,according to the latest Petroleum Ministry data.On Friday, the benchmark Brent crude oil prices rose close to $110 a barrel, with volatility predicted to extend on peace talks between Russia and Ukraine.The whiplash in crude markets was reflected in the oil price moves since Russia's invasion of Ukraine on February 24, during which Brent rose to multi-decade highs of nearly $140 a barrel and fell briefly below $100 a barrel earlier this week.The fears of an extended disruption to supply have pushed the deepened market volatility into the third week, with the Brent crude oil up over 2 per cent early on Friday, trading close to $110 per barrel, after surging nearly 9 per cent on Thursday in the most significant percentage gain since mid-2020.The US crude was up over 2.5 per cent at nearly $106 a barrel today during trading as uncertainty deepens over ceasefire talks to end the Ukraine war, after an 8 per cent jump in the previous session.According to the latest Petroleum Ministry data released on March 17, 2022, the price of Crude Oil (Indian Basket) was $103.50 per barrel on March 16, 2022, at an exchange rate of 76.35 against the dollar.The price of Brent crude averaged $87.22/bbl during January 2022 as against $74.10/bbl during December 2021 and $54.84/bbl during January 2021.The Indian basket crude price averaged $84.67/bbl during January 2022 against $73.30/bbl during December 2021 and $54.79/bbl during January 2021.Global crude oil prices have risen from around $82 per barrel on November 4, 2021, to around $110 per barrel today since the last revision in retail prices of petrol and diesel in India on November 4, 2021.