Slumping China stocks pull down Asian markets

Oil prices are surging again and the impact is being felt in India. Brent Crude has jumped sharply, nearing 119 dollars per barrel amid fears of supply disruptions in West Asia. For India, which imports nearly 85 percent of its crude oil, such a spike can quickly ripple across the economy. Fuel costs rise, inflation pressures increase and the import bill expands. A temporary US waiver has allowed Indian refiners to receive Russian crude cargoes already loaded before new sanctions kicked in. But analysts say the volumes are small compared to India’s daily demand of roughly five million barrels. Even if every tanker reaches Indian ports, the supply would barely last a few days. As oil prices continue to climb, the real challenge for India is not access to oil but the global price shock now building in energy markets.