Oil prices were steady on Thursday after falling in the previous session on concerns rising inflation in the United States
Oil prices eased on Thursday on China's plan to release state oil reserves to reduce pressure on domestic refiners and a smaller than expected US weekly crude draw
Dollar-denominated oil prices typically fall when the greenback strengthens since the commodity becomes more expensive for buyers paying in other currencies
The project, estimated to cost Rs 100 billion, is likely to be done on a public-private partnership mode