Crude Oil Prices and its Impact on Indian Economy

By Dr. Sachin Mittal, Associate Professor of WSB

Oil is not only using for energy and transport purpose, but also used for many other purpose. It is a kind of a product which is consumed by almost every person in the world directly or indirectly. Therefore, all the market and economical experts always concerned about the crude oil price movements in international market. Once again all the experts are worried because international benchmark for global oil prices crossed the $65/barrel in May 2019. In May 2018 it was around the $80/barrel as compare to the $29/barrel price during early 2016. India is an oil importing country, therefore, price fluctuation in crude oil has a great impact on various segments of the Indian economy.

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