What do higher oil prices mean for India?

Considering India is a net oil importer with inelastic demand, movement in global crude oil prices tend to have an important bearing on the macro stability risks

Oil prices have slipped from the two-year highs hit last week by both crude benchmarks on signs that US supply is rising and could potentially undermine OPEC's efforts to tighten the market. This author discusses the macro sensitivity of India to movement in global crude oil prices.

Brent crude oil prices have continued to recover and are now exceeding US$60/bbl. This is up about 35% from this year's low, and 10% above our 2018 forecast of US$55/bbl. According to our global oil team, oil prices have responded to: 1) the drop in global oil inventories, with the US alone