Crude oil is impacted by so many different regional and worldwide circumstances, it's crucial to have a firm grasp on how its price fluctuates. Using daily statistics for the post demonetization period in question, this paper attempts to understand the volatility in crude oil prices between November 9, 2016, to December 31, 2021. We have utilized the ADF test to check stationary of the data and volatility by using GARCH model followed by random walk model as well. The outcome of the ADF test confirmed the non-stationarity of the data which means the time series has no unit root. The paper concludes that fluctuations in oil prices are best explained by a random walk model, which does not include large levels of stochasticity or volatility and the same identified by using GARCH model as there is absence of Arch effect.

Crude oil, Price Volatility, Random walk model, Augmented Dickey Fuller Test