Zee Media Bureau
New Delhi: The government is watching crude oil prices in the wake of Iraq crisis, Finance Secretary Arvind Mayaram said on Saturday.
He further said India's long-term oil supply is fairly stable and there will be no reason for any disruptions.
Met Dept forecast on monsoon is not alarming as of now and govt has strong foodgrain reserves, Mayaram said.
Meanwhile, global oil prices surged to fresh nine-month high on Friday as traders eyed escalating violence in Iraq, OPEC`s second-biggest crude exporter.
US benchmark West Texas Intermediate (WTI) for July rose 38 cents to close at USD 106.91 a barrel, its highest level since September 18, 2013.
Brent crude for July delivery climbed 39 cents to USD 113.41 a barrel in London trade, its highest close since September 9.
With agency inputs
First Published: Saturday, June 14, 2014, 12:11