Mumbai: Veteran banker Uday Kotak has asked markets to prepare for global turbulence as crude oil prices at $90 are likely to keep inflation rates higher for longer. The Kotak Mahindra Bank founder also said that an unpredictable factor was an economic implosion in China.
Kotak’s comments come at a time when Brent crude prices are trading around $90 due to geopolitical tensions between Israel and Iran compounded by global supply shocks.Some producers like Mexico have even cut crude exports. The US, ahead of elections later this year, is looking to replenish its strategic reserves, which were partly depleted during the Russian invasion of Ukraine.
“US inflation is higher than expected. The Fed will postpone US rate cuts to later, closer to US Presidential elections, if at all. Brent oil is now $90. Will keep rates higher for longer worldwide, including India. Only wild card: China’s implosion economically. Get ready for global turbulence,” Kotak posted on microblogging platform X (formerly Twitter).
RBI’s projection for growth factors an average price of $85 for India’s basket of imports. India’s import bill has been lower than the global average due to its deal to purchase cheaper oil from Russia.
Kotak’s comments come at a time when Brent crude prices are trading around $90 due to geopolitical tensions between Israel and Iran compounded by global supply shocks.Some producers like Mexico have even cut crude exports. The US, ahead of elections later this year, is looking to replenish its strategic reserves, which were partly depleted during the Russian invasion of Ukraine.
“US inflation is higher than expected. The Fed will postpone US rate cuts to later, closer to US Presidential elections, if at all. Brent oil is now $90. Will keep rates higher for longer worldwide, including India. Only wild card: China’s implosion economically. Get ready for global turbulence,” Kotak posted on microblogging platform X (formerly Twitter).
RBI’s projection for growth factors an average price of $85 for India’s basket of imports. India’s import bill has been lower than the global average due to its deal to purchase cheaper oil from Russia.
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