Brent may slip $100 if weekly data negative

Crude could be a silver lining for Indian Authorities. If crude is priced lower, then the Indian subsidy will get a little more controllable like the inflation issue. Azlin Ahmad, editor of crude oil at Argus Media said that Brent could slip below USD 100 per barrel, if further negative data comes out this week.

He told CNBC, "Right now, the crude prices are a kneejerk reaction to the US credit downgrading, which will stabilise for today. A lot depends on the economic data that will come out from the US and Europe in the next couple of days."

He expects Europe debt issues to be in focus in determining direction of oil.

Below is the edited transcript of his interview with CNBC-TV18