Post the decision taken by US on Iran oil, there is a rise in the global crude prices which will weigh on the Indian market. The global benchmark for the crude oil prices has reached a four month high of $74.67 per barrel, almost 0.85% rise, on Monday.
India imports about 80% of its oil with a high bill for the same, which can cause an alarm to the current account deficit. Apart from fuel oil, India is also one of the top consumers of edible oil such as soybean and palm oil and hikes may be imminent.
Commenting on the issue, Amit Gupta, Co-Founder & CEO, Trading Bells, said, “The international oil benchmark, Brent crude, surged on Monday to its highest level since late October 2018 after the United States President Read more