The Reserve Bank of India may be forced to act faster on policy tightening after data showed retail inflation spiked sharply to nearly 7 per cent in March, and the fallout of the Ukraine war pushing energy rates higher was expected to add to the already spiralling price pressures.
Indian crude oil basket price was $98.68 per barrel on April 08, 2022, at an exchange rate of 75.78 per dollar, according to the Petroleum Ministry's Petroleum Planning and Analysis Cell's latest report, which suggests a 4 per cent decline since April 1 and a near 13 per cent fall compared to March's average.
The Bank of Canada is likely to hike interest rates by 50 basis points this week, with quantitatve tightening on the cards, said James Knightley, Chief International Economist at ING, in a preview research note.
Crude markets started the week on a feeble note following the second straight weekly decline, pressured by China lockdowns and weighed by a surplus boost after announced plans to release a record volume of crude and oil products from strategic stocks.