Still, prices are on course for the longest run of weekly gains in years, as oil markets have tightened amid supply disruptions and rising geopolitical concerns, especially over the tensions between the United States and Iran.
For bond markets, the worry is two-pronged with the concern being that high oil prices might pose a fresh risk to the fiscal math, if subsides return, by extension requiring higher borrowing, said the duo.
Demand for liquefied petroleum gas is also surging, with state refiners seeking to import cargoes of the cooking fuel as the government tries to keep voter morale high by ensuring rural households are well supplied.
With global brent crude oil prices having fallen significantly over the last six weeks from $86.29 to $63.3 per barrel, Indian petrol and diesel prices have seen some correction while the rupee has strengthened against the dollar.
Daily revision in petrol and diesel prices, which was introduced in mid-June last year, had come in for criticism after rates were hiked every day last month in step with firming international oil rates.
To address potential supply shortfalls, Saudi Arabia, de-facto leader of producer cartel OPEC, as well as top producer Russia said on Friday they were discussing raising oil production by some 1 million bpd.
The US trade war with China is "on hold" after the world's largest economies agreed to drop their tariff threats while they work on a wider trade agreement, US Treasury Secretary Steven Mnuchin said on Sunday.