Price drop in oil bodes well for Indian economy & industry

摘要

On November 4, the benchmark crude oil, Brent, traded just a notch above US$82 per barrel, while West Texas Intermediate, an American standard traded, even lower at $77. These represent significant declines from the $120+ levels just a year ago, and a far cry from the $140 peaks experienced prior to the economic crisis in 2008. The price decline has consequences, mostly positive, for oil consuming nations such as India.