Oil prices expected to jump by a whopping 20%, to have an adverse impact on India
Oil prices expected to jump by a whopping 20%, confirms World Bank The prices for energy commodities like oil, natural gas and coal are expected to appreciate by a whopping 20% this year, the World Bank has said in a report. This is expected to have an adverse impact on India, as the country is majorly dependent on import of major energy commodities. Agricultural commodities, including food, are anticipated to see a price rise of over 2% this year. Oil prices are forecast to average $65 a barrel over 2018, up from an average of $53 a barrel in 2017, on strong demand from consumers and restraint by oil producers, while metals prices are expected to rise 9 per cent this year, also on a pickup in demand and supply constraints, the World Bank said.
