Indian Prime Minister Manmohan Singh told parliament on Thursday global crude oil prices could hit the three digit mark in the near future. "We know that the price of hydrocarbons - oil and gas - can go in a very short period up to $100 a barrel and, therefore, in this environment, prudence demands that we must widen our energy options," Singh said as he defended a civil nuclear co-operation deal with the United States.
India, Asia's fourth largest economy, imports 70 percent of its crude oil needs and oil is the country's largest import item.
Iran's deputy oil minister said on a trip to New Delhi earlier this month that crude prices could touch $100 a barrel due to geopolitical problems and soaring winter demand.
US light sweet crude for September delivery was trading at $71.00 a barrel by 1440 GMT.