On the back of increasing concerns about an economic slowdown and rising US crude stockpiles, Brent crude prices have slumped 14 percent while petrol and diesel prices in India have fallen about 1.3 percent and 2.4 percent in the past month, respectively.

According to the Indian Oil Corp data, petrol prices have fallen 1.3 percent or Re 1 per litre while diesel prices have slumped about 2.4 percent or Rs 1.68 per litre in Mumbai.

On Friday, petrol in Mumbai stood at Rs 75.88 a litre, while diesel was at Rs 67.28 per litre. Petrol costs Rs 70.18 per litre and diesel Rs 64.17 a litre in New Delhi. In Kolkata and Chennai, the petrol price stood at Rs 72.44 per litre and Rs 72.90 per litre while diesel was at Rs 66.09 per litre and Rs 67.88 a litre, respectively.

Oil rose on Friday, extending sharp gains following attacks on two oil tankers in the Gulf of Oman that stoked concerns of reduced crude flows through one of the world's key shipping routes. Brent crude futures were up 50 cents, or 0.8 percent, at $61.81 a barrel by 0313 GMT, having settled up 2.2 percent on Thursday.

On the demand side, OPEC on Thursday cut its forecast for growth in global oil demand due to trade disputes and pointed to the risk of a further reduction, building a case for prolonged supply restraint in the rest of 2019. World oil demand will rise by 1.14 million barrels per day (bpd) this year, 70,000 bpd less than previously expected, OPEC said in a monthly note.

The prices fell more than 2 percent on Wednesday, pressured by an unexpected rise in US crude inventories and by a weaker outlook for global oil demand. Brent crude futures, fell $1.36, or 2.2 percent, to $60.93 a barrel by 11 a.m. EDT (1500 GMT).