A method for characterizing formation fluid using flowline viscosity and density data in an oil-based mud environment includes: making an initial estimate of the density and viscosity of the individual components of the sampled fluid; measuring the volume fractions, density, and viscosity of the total mixture of formation fluid; computing the density and viscosity of the total mixture using the estimate and the measured volume fractions; comparing the computed values with the measured values; and updating the estimate based on the comparison until convergence. The process is repeated as additional data are acquired until the converged computed values differ only by an acceptable amount.