INSUBCONTINENT EXCLUSIVE:
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
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
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.
