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Below the Quote on crude oil price movement by Rajeev Sharan, Head of Research, Brickwork Ratings

"Crude has cooled off after last week's spike, with Brent easing from around USD 108 to near USD 102, its first weekly decline in three weeks. The main trigger is an easing of Saudi supply fears, as the kingdom has begun routing extra cargoes to Asian buyers through ship-to-ship transfers near the Strait of Hormuz, and higher loadings have calmed worries about a complete export halt after the pipeline attack. For India, a major importer, this is welcome relief. A softer crude bill eases pressure on the import bill, the rupee and imported inflation, and offers some breathing room on the current account. That said, this is relief rather than a reversal, as Brent is still above USD 100 and the geopolitical risk premium remains, so any fresh escalation could quickly undo the fall. The near-term inflation and growth picture improves modestly, but the external risk stays firmly on the radar."

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