Crude oil price has been trading in a narrow range. It was trading at $116.32 in the month of April 2011 and then it slipped to $100.46 in the month of August, 2011. Since then it Crude oil price has been moving in this narrow range and currently crude oil price is $ 99.92. Oil market has been in lot of buzz in the last few months with the oil prediction that there might be some scarcity in the future. Most of the oil price forecasts are indicating a rise in oil prices.
Investing and betting in crude oil price have gone up and trends & news are also suggesting a rise in crude oil price. India have been going through high inflation and commodities have been the biggest contributer to it. Oil gas and petroleum have been a major concern and energy price has been consistently moving up.
Indian domestic market have seen multiple rise in the prices of Petrol and international crude oil price is the biggest reason behind that. Latest trends suggest that 2012 may see further deterioration in the situation and oil companies in the stock market have already seen the heat in the last six to nine months. Petroleum prices are a major electoral issue and as states like Uttar Pradesh are going for poll next year, there was roll back of the price hike.
But energy financial news are indicating that one election season is over, we may see more rise in petrol price. Crude oil price is expected to go up next year and as per there have been lot of problems in the major crude oil producing nations in the last year, we may see new equations forming in the barrel prices. Dow Jones Index has been indicating in the same direction.
Crude oil price is very important for domestic Indian energy market because most of the oil is imported in India and as India is a growing economy, there is increased consumption of the petroleum product which is further fueling this aggravation. This kind of uncertainty in the crude oil price is not a good sign for oil companies and stock market in India.
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