Crude oil Rates have Loose. Will RBI Cut Rates?
MUMBAI: Easing oil prices makes a strong case for a shift in RBI’s policy stance from neutral to accommodative and hence bolster chances of a rate cut sooner than expected. Lower crude oil prices not only mean lower inflation and fiscal balances, it would help stabilise the rupee and the current account deficit.The price of crude has come down by 9.3% since March-end to below $46/barrel. The fall in crude prices is significant as it was assumed that the price would scale up the ladder and move past $60/bbl this year with global growth picking up which was supported by the firming of commodity prices.OPEC, which controls roughly 43% of global production of crude oil and 80% of oil reserves, had agreed to cut production late last year which was expected to put upward pressure on crude prices. In November 2016, OPEC agreed to lower output for six months starting in 2017. However, over the past few months, the United States has been piling up inventories and prospects of a rise in oil prices have come down.
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BENGALURU, FEB 27:
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