6. Recently, the prices of West Texas Intermediate (WTI), the best quality of crude oil in the world, fell to minus $40.32 a barrel in interlay trade in New York. With reference to this context, consider the following statements:
- 1.There is no direct impact on India because Indian crude oil basket does not comprise WTI and it only has Brent and oil from some of the Gulf countries.
- 2.However, the weakness in WTI reflects on the rising prices of Indian basket because oil is traded globally and has indirect impacts.
Which of the statement(s) given above is/are correct?