Oil prices experienced a decline following the release of U.S. data indicating a rise in crude stockpiles. The decrease, however, was mitigated by concerns over potential disruptions to the Iranian oil supply and the impact of Hurricane Milton on the U.S. energy sector.
Brent crude futures settled at $76.58 per barrel, marking a drop of 60 cents or 0.8%. Meanwhile, U.S. West Texas Intermediate (WTI) futures fell by 33 cents or 0.5%, closing at $73.24 per barrel.
Market tensions persist as speculation mounts regarding a possible Israeli attack on Iranian oil facilities. This comes on the heels of a significant 4% decrease in oil prices observed the previous day, attributed to the prospects of a ceasefire agreement between Israel and Hezbollah.
In related developments, U.S. President Joe Biden held discussions with Israeli Prime Minister Benjamin Netanyahu concerning oil producer Iran. However, details of the meeting have not yet been disclosed.
As of October 10, 2024, here are the latest petrol and diesel prices across various Indian cities:
Kolkata: Petrol at Rs 104.95 per litre, Diesel at Rs 91.76 per litre
Chandigarh: Petrol at Rs 94.24 per litre, Diesel at Rs 82.40 per litre
Kozhikode: Petrol at Rs 105.72 per litre, Diesel at Rs 94.73 per litre
Rajkot: Petrol at Rs 94.41 per litre, Diesel at Rs 90.10 per litre
Faridabad: Petrol at Rs 95.50 per litre, Diesel at Rs 88.35 per litre
Mumbai: Petrol at Rs 103.44 per litre, Diesel at Rs 89.97 per litre
Mysore: Petrol at Rs 102.60 per litre, Diesel at Rs 88.70 per litre
Chennai: Petrol at Rs 100.85 per litre, Diesel at Rs 92.44 per litre
Lucknow: Petrol at Rs 94.65 per litre, Diesel at Rs 87.76 per litre
Patna: Petrol at Rs 105.53 per litre, Diesel at Rs 92.37 per litre
New Delhi: Petrol at Rs 94.72 per litre, Diesel at Rs 87.62 per litre
Salem: Petrol at Rs 101.42 per litre, Diesel at Rs 93.02 per litre
These fluctuations in oil prices and ongoing geopolitical tensions continue to shape market dynamics and consumer costs in the energy sector.
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