The slide in global crude oil prices on Monday gave hope for a similar fall in domestic petroleum prices.
The fall in oil prices comes after a blockage at strategic Suez Canal spooked global Impex industry, while a massive wave of Covid-19 infections continued to impact large parts of Europe. At present, crude prices are reacting to the negative news flows. The Brent crude futures slipped to $63 levels a barrel on Monday. Similarly, the US crude traded lower.