Increasing crude prices: Indian oil industry chooses to wait and watch

With global crude oil prices suddenly rising in the last two days, the Indian oil industry is choosing to the ‘wait and watch’, for now.  Financial Astrology Tips 

India should brace for a much higher import bill with American investor and famed commodity expert Jim Rogers predicting that crude oil prices may reach $60 a barrel soon amidst fall in global supply and comeback of global demand.On Wednesday, the Organization of Petroleum Exporting Countries (Opec), a group of 14 major oil exporters including Saudi Arabia, Iran, Iraq, accounting for one-third of global oil output, announced that they would significantly cut their production levels for the first time in two years since prices crashed.   Astrology and Numerology Trading Tips

Crude prices have soared. Figures released by the Petroleum ministry on Friday, showed the international crude oil price of Indian Basket was $50.27 per barrel on December 1, significantly higher than the $45.83 per barrel price registered a day back.   Stock Market Astrology Tips

R K Malhotra, director general, Petroleum Federation of India, said: "The increase in price is an immediate reaction of the market as a result of production cuts by Opec members. However, sustainance of the same needs to be watched since nations like Venezuela and Ecuador are facing severe revenue crisis and may not be able to hold out much longer.”This much of a price rise is not a concern at all in the present economic circumstances, Malhotra added.   Intraday Trading Tips