As oil prices continue their slide, cheaper energy costs could provide a welcome respite for some heavily energy dependent emerging markets, analysts told CNBC, but they warned that oil was only part of the problem.
(Read More: Oil constrained by high supply, weaker US growth)
U.S. Nymex crude oil traded below $100 per barrel for the first time in three and a half months on Tuesday, as rising supply levels in the U.S. reduced demand pressure, adding to an 11 percent decline since late August.
"Anything like this goes straight to the bottom line quickly. It could provide a substantial boost to economic growth, if it is sustained, and we think it will be," said Jonathan Barratt, chief executive officer at Sydney-based commodities firm Barratt's Bulletin, who forecast U.S. crude to fall to $85 a barrel by the first quarter of next year.
(Read More: Dennis Gartman:Crude oil heading to $85 per barrel)
According to Barratt, lower oil prices can benefit all aspects of a country's economy, especially for a country that is heavily dependent on imports, like India.
"[A lower oil price] represents a significant saving, which translates though to corporates, retailers, and consumers who will spend less on oil and will have more to spend on other goods," he added.