Amid a bevy of negative economic news, New Delhi can take comfort in the present slump in oil prices. In the first quarter of this year, oil prices rose over a third. Instead, global oil prices have fallen to the low 60s and one crude variety, West Texas Intermediate, hit $52 a barrel. The reason oil prices are in free fall is not supply, but demand. These two countries had agreed to cut oil production with the hope of boosting prices into the $80-90 a barrel range.

Source: Hindustan Times June 13, 2019 12:33 UTC