Crude oil prices saw an uptick on Friday, driven by an unexpected decline in US oil inventories and ongoing tensions in the Middle East. Brent crude futures increased by 16 cents, trading at $74.61 per barrel, while US West Texas Intermediate (WTI) crude climbed by 17 cents, reaching $70.84 per barrel, according to the latest market data.
Meanwhile, in India, Mizoram’s Chief Minister, Lalduhoma, confirmed that his cabinet has opted not to roll back the petrol and diesel price hikes that were implemented on September 1. His statement followed a series of protests by vehicle owners demanding a reversal of the price increases. The price of petrol in Mizoram jumped from Rs 93.93 per litre to Rs 99.24 per litre, while diesel surged from Rs 82.62 per litre to Rs 88.02 per litre. Despite public outcry, the state government remains firm on maintaining the new rates.
Rahul Kalantri, Vice President of Commodities at Mehta Equities Ltd, shared his outlook on the market, stating, “We expect crude oil prices to remain volatile in today’s session, influenced by fluctuations in the dollar index and ongoing geopolitical tensions. Crude oil currently has support at $69.65-$69.00 and resistance at $71.00-$71.65. In INR terms, the commodity has support at Rs 5,850-5,780 and resistance at Rs 6,000-6,080.”
In other parts of India, fuel prices also fluctuated on October 18, 2024. Below are the latest petrol and diesel rates in various cities:
Chennai: Petrol – Rs 100.85/litre, Diesel – Rs 92.43/litre
Bhopal: Petrol – Rs 106.57/litre, Diesel – Rs 91.94/litre
Thane: Petrol – Rs 103.62/litre, Diesel – Rs 90.14/litre
Patna: Petrol – Rs 106.06/litre, Diesel – Rs 92.87/litre
Guwahati: Petrol – Rs 98.08/litre, Diesel – Rs 90.33/litre
New Delhi: Petrol – Rs 94.72/litre, Diesel – Rs 87.62/litre
Mumbai: Petrol – Rs 103.44/litre, Diesel – Rs 88.97/litre
Kanpur: Petrol – Rs 94.79/litre, Diesel – Rs 87.92/litre
Faridabad: Petrol – Rs 95.50/litre, Diesel – Rs 88.35/litre
Shimla: Petrol – Rs 95.23/litre, Diesel – Rs 87.31/litre
Agra: Petrol – Rs 94.37/litre, Diesel – Rs 87.41/litre
The fuel price changes reflect regional variations and continue to be closely monitored by both consumers and market analysts.
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