Soaring crude prices may trigger global meltdown like 2008, warns Hardeep Puri
"With the amount of inflation in the global economy, where interest rate hikes are not able to mop up the excess liquidity, you will have a situation where oil prices will repeat the 2008 scenario," Puri said on Bloomberg TV.
CAD, rupee under pressure as oil price surge spills into Oct-Dec quarter
The country imports close to 85 per cent of its crude oil requirement and any increase in global prices causes the import bill to shoot up. Since large payments have to be made in dollars to buy crude, the rupee takes a hit vis-a-vis the American currency.
Higher windfall tax on crude oil kicks in as prices soar to $95 a barrel
The windfall tax on petroleum crude has been raised to Rs 12,100 a ton from Rs 10,000 with effect from September 30. The tax helps the government to raise more resources to subsidise the prices of LPG and CNG for consumers.
Nomura sees softness in Indian markets driven by higher oil prices as opportunity to raise exposure
“We see recent softness driven by higher oil prices as an opportunity to raise exposure. While this weakness may persist in the near term, thus presenting even better timing, we think the window of opportunity might not be open for too long. Valuations are expensive but will likely remain so in a scenario of policy/government continuity," Nomura said in a report.
JPMorgan analyst sees oil price surge as high as $150
Several catalysts went into the $150 price warning, including capacity shocks, an energy supercycle—and of course, efforts to push the world further away from fossil fuels.
Oil hits $95 per barrel amid supply worries
Brent crude, the international benchmark, pushed over $95 per barrel on Tuesday, the highest since November 2022, The Guardian reported.
Rupee faces risk from rising oil prices
Although the RBI has been releasing dollars in the market to prop up the rupee this has not been able to stem the slide of the Indian currency as the country imports around 85 per cent of its crude oil requirement for which immediate payments have to be made in dollars.