Concerns That The West Asian Conflict May Spread Are Fading; Crude Oil Prices Fall By 2%

Crude oil prices fall again in the international market. Crude oil futures contracts closed down more than 2 percent in late trade on Thursday. Crude oil was hit by signs of slowing demand from the US. Along with this, easing of concerns about the spread of the Israeli-Palestinian conflict in the West Asia also led to a correction in crude oil prices.

Crude oil market

Brent crude oil futures, the most traded in the international market, closed at $87.93 in late trade on Thursday. A barrel lost $2.20 or 2.44 percent. Similarly, the US WTI crude oil futures contract closed at $83.21. A barrel lost $2.18 or 2.55 percent. Both these contracts gained more than 2 percent in Wednesday’s trade.

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A striking factor

The market is reflecting that the conclusion that if Iran and its allies intervene in the conflict between Israel and Palestine in the crude-rich West Asian region, the issue will be complicated and the global oil supply could be disrupted. Friendly countries, including the United States, are putting pressure on Israel to delay its incursion into Gaza.

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Fuel cost

No change was reported in petrol and diesel prices in the country on Friday. In the national capital city of Delhi, petrol price per liter remains unchanged at Rs 96.72 and diesel at Rs 89.62. Petrol price in Mumbai remains unchanged at Rs 106.31 and diesel at Rs 94.27. A liter of petrol in Kolkata remains at Rs 106.03 and diesel at Rs 92.76. Petrol price in Chennai is Rs 102.63 and diesel price is Rs 94.24.

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Similarly, no change has been recorded in the price of vehicle fuel in Kerala today. In Thiruvananthapuram district, the price of one liter of petrol remains unchanged at Rs 109.73 and that of diesel at Rs 98.53. In Kochi, the price of petrol remains at Rs 107.78 and diesel at Rs 96.70. Petrol price in Kozhikode city remains Rs 108.28 and diesel price remains Rs 97.20.