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.
"There may be meaningful and long-term damage to Texas' refining capacity," said Jeffrey Halley, analyst at futures brokerage OANDA. About 22 percent, or 379,000 bpd, of Gulf production was idled due to the storm as of Sunday afternoon, according to the U.S. Bureau of Safety and Environmental Enforcement.