New Delhi, Jan. 7 -- India's average crude oil import cost fell below $60 a barrel on Monday, among the lowest it has been in five years despite global geopolitical upheavals and sanctions against three major crude oil suppliers-Iran, Russia and Venezuela. The daily average price of various crude grades (popularly known as Indian basket) dipped to $59.29 a barrel on January 5. The last time, the daily average price of Indian basket stood below $60 was on February 5, 2021 (at $59.34). The Indian basket of crude oil represents a cocktail of sour grade and sweet grade of crude oil processed in Indian refineries. A research report prepared by e State Bank of India (SBI) said on Monday that crude oil prices would "soften significantly in 2026" t...