On Monday, Brent crude was trading above $87-a-barrel. And some analysts estimate Brent crude may even touch $100 per barrel this year.
Mukesh Kochar, National HeadWealth, AUM Capital believes Brent crude's price "may touch $100 per barrel, before getting closer to $80 per barrel by March."
While the RBI, even in the latest monetary policy statement, assumes the price of India's crude oil basket to average $85 per barrel in FY24, global uncertainties owing to the war in Israel and extension of production cuts announced by Saudi Arabia, Russia and Opec (Organisation of the Petroleum Exporting Countries) may cause the India's crude basket price to average much higher.
"If you ask the RBI today, they may say $85 a barrel would be on the lower side, given what happened on Saturday.
Of course, $85 prior to the war was a reasonable assumption," said Bhanumurthy, vice chancellor, Dr BR Ambedkar School of Economics University.
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