After demonetisation,Fed rate hike fears,we may have to be prepared
for crude oil price increase to $60 bbl.Country's Oil import bill has been
pegged at $66 billion at a average import price of $48 a barrel.India depends
on import of oil to meet 80% of its requirement.With the anticipated increase
of oil price,India has to spend Rs.9126 crores more a year for every one dollar
a barrel increase in oil price.
Crude prices soared nearly 10% on wednesday following a deal among the OPEC
members to cut output by around 1.2 million barrels a day.