Oil prices fell by 3% in early morning trading on Tuesday as Israel signaled a readiness to avoid targeting Iranian oil infrastructure, diminishing concerns about potential disruptions in oil supply. Brent crude futures experienced a decline of $2.27, trading at $75.19 per barrel, while US West Texas Intermediate (WTI) futures also dropped by $2.27, reaching $71.60 per barrel. Additionally, the Organization of the Petroleum Exporting Countries (OPEC) has revised its forecasts for global oil demand for 2024 and 2025 downward.
In related developments, Union Minister for Road Transport and Highways, Nitin Gadkari, announced significant progress in research regarding the blending of 15% ethanol with diesel at the 12th CII Bioenergy Summit 2024 held in New Delhi. The minister emphasized the government’s commitment to prioritizing ethanol blending based on empirical evidence.
Analyst Rahul Kalantri from VP Commodities, Mehta Equities Ltd, noted the expectation of volatility in crude oil prices during the trading session. He indicated that crude oil has support levels between $70.30 and $69.50, with resistance at $71.90 and $72.60. In Indian Rupee terms, support levels are projected at Rs 6,180 to Rs 6,110, with resistance ranging from Rs 6,320 to Rs 6,400.
Meanwhile, the latest petrol and diesel prices across various cities in India have been updated. As of October 15, 2024, prices are as follows:
Chennai: Petrol: Rs 100.75 per litre, Diesel: Rs 92.34 per litre
Agra: Petrol: Rs 94.47 per litre, Diesel: Rs 87.53 per litre
Gurgaon: Petrol: Rs 95.02 per litre, Diesel: Rs 87.88 per litre
Indore: Petrol: Rs 106.48 per litre, Diesel: Rs 91.88 per litre
Mumbai: Petrol: Rs 103.44 per litre, Diesel: Rs 88.97 per litre
Ranchi: Petrol: Rs 97.81 per litre, Diesel: Rs 92.56 per litre
Kolkata: Petrol: Rs 104.95 per litre, Diesel: Rs 91.76 per litre
Srinagar: Petrol: Rs 99.56 per litre, Diesel: Rs 84.83 per litre
New Delhi: Petrol: Rs 94.72 per litre, Diesel: Rs 87.62 per litre
Surat: Petrol: Rs 94.27 per litre, Diesel: Rs 88.95 per litre
Noida: Petrol: Rs 95.01 per litre, Diesel: Rs 88.14 per litre
Guwahati: Petrol: Rs 98.08 per litre, Diesel: Rs 90.33 per litre
This fluctuation in oil prices and the shift in demand forecasts highlight ongoing volatility in the global oil market amid geopolitical developments.
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