The price of Indian basket of crude oil inched up to $51.60 a barrel (bbl) on Tuesday from $51.04 on the day before in line with the movement in the global oil market.
In rupee terms, the price of Indian Basket increased to Rs. 3288.77 a bbl to Rs. 3253.35 a bbl during the same period.
Rupee-dollar exchange rate remained unchanged at Rs 63.74.
Meanwhile, crude futures fell for a third day on Wednesday despite a bigger-than-expected drop in US oil inventories reported by an industry group, with doubts lingering over OPEC’s ability to restrain supply as promised.
Benchmark Brent crude was down 27 cents, or 0.5 percent, at $51.87 a barrel at around 0630 GMT. In the previous session, it settled down 0.4 percent.
US West Texas Intermediate (WTI) crude was down 21 cents, or 0.4 percent, at $48.96 a barrel, after falling 0.4 percent on Tuesday.
Crude stockpiles in the US dropped more than expected last week as imports declined and refinery runs increased, while petroleum inventories grew unexpectedly, the American Petroleum Institute said late on Tuesday.