Now when we speak of Crude oil in India, It is always about USOIL*USDINR.
USOIL*USDINR= OIL Price/USD * USD/ INR = Oil Price/ INR .
This is a leading indicator as the indicator is made of price only.
You can see what is the correlation with the indicator clearly on the chart. But the correlation is mild. So risk management has to be managed carefully.
Oil is supposed to rise in events of Venezuela crisis. Due to Election, OMCs, as usual, won't be able to raise the price which will do the job.