There was no change within the costs of petrol and diesel on Monday, however crude oil fell by about three p.c. Crude oil costs have declined on account of considerations concerning the growth of the worldwide financial system because of the outbreak of coronavirus in China and its influence on different international locations. Benchmark crude oil Brent crude fell to under $ 56 a barrel on Monday within the worldwide market, whereas US gentle crude was under $ 52 a barrel for West Texas Intermediate (WTI).
"The outlook of the global economy is being considered weak due to the spread of coronavirus infection in countries other than China, due to which the crude oil price has come down again as economic activity," stated Anuj Gupta, deputy vice chairman of Angel Broking. Oil consumption demand might stay weak on account of weak spot. "Brent Quote on International Futures Market Intercontinental Exchange (ICE) Rood's May contract was buying and selling at $ 56.34 a barrel, down $ 1.60, or 2.76 p.c, on Monday, whereas Brent crude fell to $ 55.99 earlier than that.
At the identical time, WTI's April contract on the New York Mercantile Exchange (Nymax) was buying and selling at $ 51.97 a barrel, down 2.64 p.c from the earlier session. According to the web site of Indian Oil, petrol value in Delhi, Kolkata, Mumbai and Chennai remained unchanged at Rs 72.01, Rs 74.65, Rs 77.67 and Rs 74.81 per liter respectively. Earlier, petrol costs had elevated for 2 consecutive days. <! –
In the 4 metros, the value of diesel was additionally steady at Rs 64.70, Rs 67.02, Rs 67.80 and Rs 68.32 per liter respectively. A slight enhance within the value of diesel was registered a day earlier.