Cloudy future

Higher oil prices increase risks for India

The last quarter was a particularly strong one for crude oil prices. The commodity increased more in price over the past three months since the initial shock it received at the time of the Russian invasion of Ukraine. Since the end of June, when the price of a barrel of West Texas Intermediate crude was around $70, it has risen steadily to $90-95 in recent days. The initial spark for the rally came when the Organization of the Petroleum Exporting Countries (Opec), together with some other large non-Opec exporters such as Russia, agreed to cut supplies even as demand was