The discount given by Russia to India for crude oil has decreased as China's demand for the product rockets. Quoting two Indian government officials in the know, Mint reports that the steep discounts the country enjoyed through most of FY23 have plunged due to Chinese demand and a cut at oil producers' end.

India losing 'steep discounts' on Russian crude oil due to China: Report

According to Goldman Sachs Group, a barrel of Brent oil could reach $110 by the third quarter if China and other Asian economies fully reopen from coronavirus restrictions.

World Business Watch: Goldman sees $110 oil by third quarter on full China reopening

On Monday, Oil in the United States was trading below zero. Why have the global oil prices collapsed? What does it mean for your pocket?

Wuhan Coronavirus impact: Oil in the US trades in the negative | Gravitas

The low prices of crude oil may benefit India in long term but may not boost the Indian economy in the short run. India imports around 80% of its crude. Low crude price may boost consumer spending and government's income from excise.

Fineprint: Low crude price may benefit India in long term, but may not boost economy in short run

GDP of oil industries dependent countries worst hit by crude oil price drop. Kuwait to face development setback amid COVID-19 pandemic crisis.

GDP of oil industries dependent countries worst hit by crude oil price drop

Indian govt may not reduce fuel prices as demand is low despite low crude oil prices. The prices of fuel have not changed in last 36 days. It's because the govt 'starves' for the revenue due to nationwide lockdown.

Indian govt may not reduce fuel prices as demand is low despite low crude oil prices