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Hi there, This is Saloni Goel from ETMarkets.com and it is a special podcast on how rising crude oil prices can impact India.Air strikes on Syria by US, British and French forces in response to a suspected poison gas attack that killed dozens of people has suddenly put the crude oil market in a state of flux.
For India, this could prove to be a double whammy at a time a gradual rise in crude oil prices was already making it hard for the government amid multiple state elections and in the runup to the general elections in a year's time.
Crude oil prices have bee rising for the past one month with Brent crude soaring to above $70 per barrel level.
Reports of Western military action in Syria and falling global oil inventories have further supported crude rally, with the black gold registering its biggest weekly gains since July during the week gone by.
Opec and its allies are expected to further extend supply cuts even though the global oil glut seems to near an end.
The IEA said in a statement that further tightening of supply will weigh on markets.
Back home diesel and petrol prices are hovering around multi-year high levels.
We have Jagannadham Thunuguntla of Centrum Broking, to share his views on how rising crude oil prices affect our current account deficit.
Byte 1: Jagannadham ThunuguntlaWe also have G Chokkalingam of Equinomics Research and Advisor to explain which sectors may take a hit or react positively with any rise in crude prices.
Over to you Mr Chokkalingam
Byte 2: G ChokkalingamThat’s all for today.
Do come back for our special weekend podcast next Saturday and check out our daily market podcasts every morning and evening only on
www.ETmarkets.com.
