Brent Crude Oil prices began the week on a solid note, with Brent futures nearing $60 a barrel. The commodity was boosted by supply cuts from key producers and rising hopes that there would be a fresh stimulus package in the US.
Brent Crude for April touched a high of $59.95 a barrel and was at $59.85 by 0041 GMT, up 51 cents, or 0.9%. US WTI also advanced by 1 per cent.
Rising crude prices may have a cascading impact on petrol and diesel prices in India, which have now hit a new record high.
Petrol price in Mumbai has reached a record high of Rs 93.49, while in Bengaluru it was retailing at Rs 89.85. Sustained increase in petrol and diesel prices may also push inflation higher
Diesel price in Delhi has already hit a new record high of Rs 77.13, and is slated to go higher in the coming days.