Crude oil shock: Is worst on its way?

Last weekend crude oil crossed the panic barrier of $140 a barrel sending shivers across global markets only to cool off slightly on Monday at $135 on the New York Mercantile Exchange (NYMEX). Certainly, that is still bad news for India importing 70 per cent of its crude requirement. The marginal hike in retail price will provide a temporary relief but the rupee on Monday slipped to a 3-week low on speculation that Indian refiners would buy more dollars to buy crude at the sky high levels.