Decline in global crude prices will help in managing India's inflation, finance minister Pranab Mukherjee said on Tuesday.
By 07.18 GMT Brent crude was 22 cents lower at $103.52, having briefly moved into positive territory.
It fell to as low as $98.74 earlier in the session, touching its lowest since February 8.
US crude was down 94 cents at $80.37.
India's headline inflation quickened in June to 9.44% despite 11 rate rises by the Reserve Bank of India since March 2010.