Oil prices fell below $100 per barrel in early Asian trading on Wednesday as US inventory data showed buildups in crude oil and refined products amid rising fears of a global economic slowdown.
The already-elevated India's crude oil basket price is rising, with the average based on daily costs for June jumping to over $115 per barrel, compared to $109.51 in May and $102.97 in April.
Explainer: The Russia-Ukraine war is changing the global oil markets - Russian exports were back to pre-invasion levels in April, according to data from the Paris-based International Energy Agency.