A STUDY ON EFFECTS OF MACRO ECONOMIC INDICATORS ON CRUDE OIL PRICES – PHASE TOWARDS BUILDING STRONG MODEL FOR CRUDE OIL PRICE PREDICTION.

Abstract

Energy is the lifeblood of every economy and a crucial component in its overall success. The economic viability of a project hinges on the fuel supply being reliable, easily available, and environmentally friendly for at least the foreseeable future. For monetary new development import, compelling exploitation of resources and long-stretch acceptance in its utilisation is of paramount significance. Financial indicators allow us to track the health of a country's economy; here, we look at how a rise in the price of crude oil in India's bins as a result of higher prices for crude oil around the world affects other financial metrics, such as the country's Consumer Price Index (CPI) and the value of the Indian rupee. Predictions for the price of crude oil using a univariate analysis approach are also a primary area of interest