Analysts say there is a peculiar correlation between crude oil prices and equity valuations
Brent crude futures reached an intraday high of $80.18 a barrel before receding to $79.67
The other worry is its impact on domestic fuel prices, which moved to a new dynamic regime in June last year
India's bond market is already jittery about fiscal slippage. To that, add the inflationary impact of costlier gasoline and diesel
Oil surged to levels last seen in 2014 as issues including the conflict in Syria and tensions between Saudi Arabia and Iran-backed rebels in Yemen stoked concerns over supply disruptions
The hedge fund manager also went against the conventional view that triple-digit oil prices will dampen demand growth
Brent traded as high as $75.27, gaining for a sixth day, and was up 37 cents at $75.08
Led by Saudi Arabia, OPEC and a group of other producers that includes Russia started to withhold output in 2017 to rein in oversupply that had depressed prices since 2014
The decision by US President Donald Trump to launch air-strikes against Syria, while limited, caused prices to go up by 2%
Very high prices are not good for oil producers either as it can create serious challenges for them, IEA Executive Director Fatih Birol said
Uncertainty over the supply and demand balance of global oil markets have resulted in volatile yet range-bound recent trading
London Brent crude slipped 3 cents to $67.28 a barrel, after climbing almost 4 percent last week
Opec and non-Opec producers are restraining production by a total 1.8 million barrels per day to prop up prices under a deal that is to expire at the end of 2018
For India, the world's third-largest consumer of oil after the US and China and one of the fastest-growing markets, rising crude prices is a worry.
Analysts also pointed to excessive long positions in financial oil markets as a likely brake on any upward momentum in prices
Oil prices was helped by ongoing production cuts led by Opec as well as healthy demand
Benchmark Brent crude rose further above $68 a barrel on Tuesday
Brent crude, the internationl benchmark, was up 32 cents at $68.10 a barrel, US crude rose 37 cents to $62.10
The spread between US crude and Brent hit the narrowest in nearly two weeks
US West Texas Intermediate (WTI) crude futures were at $59.53 a barrel, down 44 cents from their last settlement