Brent crude price fell on Tuesday because of concerns over a global slowdown and depressed demand from oil guzzler China on account of a spate of Covid-lockdowns.
Besides, Saudi Aramco cut its Asian premium for June shipments to $4.40 a barrel from $9.35 in May, which added to market jitters. Sources said India will continue to lap up Russian Ural crude available at a discount, while continuing to buy oil from Saudi Arabia.
The cut in premium would partially offset the depreciation in the Indian rupee against the dollar.
July Brent oil futures were at $103.26, down by 2.5 per cent, on Tuesday on concerns over a higher interest rate, the strengthening of the dollar and a slowdown in the global economy.
