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New Delhi, November 17 (IANS): As the price of crude oil in the international market fell to the lowest point in the past 4 months, the Indian economy is expected to obtain a dose of strong needle.Lucknow Wealth Management
Due to the huge oil import bills, the country’s frequent account deficit has begun to get out of control, and the rupee has been depreciating because the demand for the US dollar to purchase expensive oil has increased.
On Thursday, the price of Brent’s crude oil fell by 4.63%at the world’s benchmark, at $ 77.42 per barrel, while the West TEXAS Intermedia Futures fell 4.9%, closed at $ 72.90 per barrel at $ 72.90 per barrel.EssenceGuoabong Investment
The increase in US crude oil inventory, the rebound of US Treasury yields, and the slowdown in oil demand caused by the slowdown of the global economic slowdown are the reasons for the decline in crude oil prices.In fact, prices have been gradually declining in the past.Kolkata Stocks
India’s commodity trade deficit in October has risen to a record high, and the decline in oil prices will bring opportunities to breathe in November.
More than 80%of the demand for crude oil in the country depends on imports, and any price increase will lead to the sharp increase in regular account deficit.Indore Investment
High oil prices will also exacerbate inflation, leading to the government’s subsidy bills for liquefied petroleum gas, natural gas and chemical fertilizers, leading to a higher fiscal deficit.Simla Stock
Udabur Investment
