Oil prices experienced an uptick on Thursday, recovering from the recent lows observed over the past two weeks. Investors are closely monitoring developments in the Middle East while awaiting the official release of U.S. oil inventory data.
As of the latest reports, Brent crude futures rose by 17 cents, reaching $74.39 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude increased by 19 cents, currently priced at $70.58 per barrel.
The recent decline in oil prices has been attributed to reduced demand forecasts for 2024 and 2025, as projected by the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC).
Rahul Kalantri, Vice President of Commodities at Mehta Equities Ltd, commented on the market volatility, stating, “We expect crude oil prices to remain volatile during today’s trading session, with key support levels between $69.65 and $69.00, and resistance between $71.00 and $71.65. In INR terms, crude oil has support at ₹5,850-₹5,780 and resistance at ₹6,000-₹6,080.”
Fuel Prices Across Major Cities
In addition to the fluctuations in oil prices, the following are the latest petrol and diesel prices in major Indian cities as of October 16, 2024:
Noida: Petrol – ₹94.83 per litre, Diesel – ₹87.96 per litre
Mumbai: Petrol – ₹103.44 per litre, Diesel – ₹88.97 per litre
Raipur: Petrol – ₹100.49 per litre, Diesel – ₹93.44 per litre
Bhubaneswar: Petrol – ₹103.54 per litre, Diesel – ₹94.76 per litre
Lucknow: Petrol – ₹94.65 per litre, Diesel – ₹87.76 per litre
Hyderabad: Petrol – ₹107.41 per litre, Diesel – ₹95.65 per litre
Bangalore: Petrol – ₹102.86 per litre, Diesel – ₹88.94 per litre
Madurai: Petrol – ₹101.94 per litre, Diesel – ₹93.54 per litre
Kolkata: Petrol – ₹104.95 per litre, Diesel – ₹91.76 per litre
Jaipur: Petrol – ₹105.23 per litre, Diesel – ₹90.67 per litre
Ahmedabad: Petrol – ₹94.42 per litre, Diesel – ₹90.09 per litre
As market conditions evolve, stakeholders will continue to keep a close watch on geopolitical developments and inventory reports, which may influence future pricing trends.
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