Oil prices climbed to $77.16 a barrel last week, its highest in nearly three years, as a result of a deadlock over the United Arab Emirates’ (UAE’s) production quota. Even as the spread of coronavirus variants and unequal access to vaccines threaten the global economic recovery, crude oil prices remain critical for many importing countries like India.

So, how does rise in crude prices impact Indian markets and economy? And overall, will rise in crude prices shrink margins of Indian companies? To understand that, Mint's Nasrin Sultana is joined by Naveen Kulkarni, CIO, Axis Securities.