Crude oil is one of the world's most closely watched commodities. Brent and West Texas Intermediate, often called WTI, are two widely followed benchmarks.
Their prices reflect different grades, locations and market conditions and should not be treated as interchangeable.
INDIA'S EXPOSURE
India imports substantial amounts of crude oil. Changes in international prices and the rupee-dollar exchange rate can affect the cost of imported energy.
The effect on domestic fuel prices depends on additional factors, including taxes, refining, marketing and government policy.
WHAT MOVES OIL PRICES?
Global demand, production decisions, geopolitical developments, shipping disruption, inventories and expectations about economic growth can all influence prices.
A sudden headline may move markets, but its longer-term effect is not always predictable.
HOW TO READ AN OIL PRICE
Check whether a quoted price refers to Brent or WTI, the contract month, the currency, the unit of measurement and the time of the quotation. A futures contract price is not necessarily the price paid for physical deliveries.
IMPORTANT FINANCIAL DISCLAIMER
India Times UK provides this information for news and educational purposes only. It is not investment, commodity-trading or financial advice and does not recommend any oil-related security, derivative, fund or transaction.
Oil prices can move sharply and leveraged trading can cause substantial losses. Research independently and obtain suitably qualified professional advice before acting.
Sources and further reading: International Energy Agency https://www.iea.org/ ; US Energy Information Administration https://www.eia.gov/ ; India's Ministry of Petroleum and Natural Gas https://mopng.gov.in/ .
This article does not claim to show current oil prices.