Comment on crude oil prices by Pranay Aggarwal, CEO, Stoxkart

28-10-2024 03:09 PM | Source: StoxBox

Comment on crude oil prices by Pranay Aggarwal, CEO, Stoxkart - a discount broker

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Below the Comment on crude oil prices by Pranay Aggarwal, CEO, Stoxkart - a discount broker

The weekend retaliatory strike by Israel spared Iran's critical oil infrastructure. This action eased fears of supply disruption, reducing geopolitical tension in the Middle East, a region central to global oil supplies. Crude oil prices are expected to trade within a bearish range of ?5,500-?6,200 in India, with NYMEX crude potentially finding immediate support near $64.

The 2024 market for crude has been weak due to slower-than-expected economic recovery in large economies like China, along with surplus supply from U.S. producers and non-OPEC sources. We have seen around 15% fall in crude oil, which is actually positive for the Indian economy but showing some concern in growth of major economies at the same time.

As a major importer, India benefits from reduced crude costs, which can help stabilize inflation and, in turn, strengthen consumer purchasing power. This relief in inflationary pressures also opens up space for RBI to maintain or consider further rate cuts, supporting broader economic growth.

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Comment on crude oil prices by Pranay Aggarwal, CEO, Stoxkart - a discount broker

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