Virendra Chauhan, oil analyst at Energy Aspects, discusses with Manisha Gupta the current trend in prices of crude oil.

Chauhan said that US sanctions will impact 20% of Iranian oil exports and he expects oil prices to continue rising this week.

"We will see more demand strength kick in for prices to move into $80 per barrel before the year end," he said.

Producers like Saudi Arabia will look in for a price range which works for both producers and consumer.

Talking about India’s dependence on oil import, he said, "India was the leading source of demand growth. Globally, India's GDP was 7.5% and oil demand growth was at times stronger than China. Now, India was a big supporter of low oil prices and with the elections coming up in 2019, the government will want to play their cards right. There is no doubting the fact that higher oil prices are going to impact India’s budget deficit."