Oil prices experienced a decline on Tuesday, primarily attributed to ongoing U.S. diplomatic efforts aimed at securing a ceasefire in the Middle East. Additionally, diminished demand from China, the world’s largest oil importer, has contributed to this downward trend. According to the latest reports, Brent crude futures for December fell by 26 cents, reaching $74.03 per barrel, while U.S. West Texas Intermediate (WTI) crude for November decreased by 2 cents, settling at $70.54 per barrel.
In the context of the ongoing conflict, U.S. Secretary of State Antony Blinken has departed for the Middle East with the goal of reviving ceasefire discussions to address the escalating Gaza crisis. The fluctuations in oil prices are largely a reflection of the instability stemming from the ongoing war. Commodity analyst Satoru Yoshida noted that crude oil prices are responding to mixed signals from the region.
Market analysts anticipate continued volatility in crude oil prices throughout the trading session. Rahul Kalantri, Vice President of Commodities at Mehta Equities Ltd, stated, “We expect crude oil prices to remain volatile today, with key support levels identified at $69.00-$68.40, and resistance at $70.50-$71.15.” In Indian Rupee terms, the support levels are set at ₹5,860-₹5,790, with resistance at ₹6,000-₹6,065.
Current Fuel Prices Across Major Indian Cities (October 22, 2024):
Bangalore: Petrol: ₹102.86 per litre, Diesel: ₹88.94 per litre
Mumbai: Petrol: ₹103.44 per litre, Diesel: ₹88.97 per litre
Gurgaon: Petrol: ₹95.11 per litre, Diesel: ₹87.97 per litre
Coimbatore: Petrol: ₹101.28 per litre, Diesel: ₹92.88 per litre
Nashik: Petrol: ₹104.47 per litre, Diesel: ₹90.99 per litre
Surat: Petrol: ₹94.31 per litre, Diesel: ₹90.00 per litre
New Delhi: Petrol: ₹94.72 per litre, Diesel: ₹87.62 per litre
Agra: Petrol: ₹94.42 per litre, Diesel: ₹87.47 per litre
Pune: Petrol: ₹104.34 per litre, Diesel: ₹90.85 per litre
Kolkata: Petrol: ₹104.95 per litre, Diesel: ₹91.76 per litre
Guwahati: Petrol: ₹98.08 per litre, Diesel: ₹90.33 per litre
Shimla: Petrol: ₹95.24 per litre, Diesel: ₹87.25 per litre
As global events continue to unfold, the oil market remains sensitive to geopolitical developments and demand fluctuations.
Related topic:
Can You Use Diesel Fuel In A Torpedo Heater?
