Crude oil has been hit mainly by economic growth concerns. The reason is the disappointing economic data released from America and Europe in the past few days. Along with this, the partial withdrawal of Russia’s ban on crude oil exports was also a negative factor. A negative factor for crude oil is the potential economic blowback if high interest rates persist for a longer period.
Another downside for crude oil is the strengthening of the US dollar due to the prospect of another interest rate hike. For those who buy crude in other currencies, a rise in the dollar’s exchange rate will increase costs. “Concerns about the health of the global economy and the conclusion that demand may fall at the root of the selling pressure on crude oil,” SEB analyst, Jorn Schildrop said.
Petrol and diesel price
Fuel prices in major metro cities of the country remain unchanged. In the national capital, Delhi, the price of a liter of petrol remained unchanged at Rs 106.31 and that of diesel at Rs 94.27. Petrol price in Mumbai is Rs 106.31 and diesel is Rs 94.27. A liter of petrol in Kolkata remains at Rs 106.03 and diesel at Rs 92.76. Petrol price in Chennai remains unchanged at Rs 102.63 per liter and diesel at Rs 94.24 per litre.
Similarly, no change has been recorded in fuel prices in Kerala today. In Thiruvananthapuram district, per liter petrol remains unchanged at Rs 109.73 and diesel at Rs 98.53. Petrol price in Kochi is Rs 107.78 and diesel price is Rs 96.70. Petrol price in Kozhikode city remains at Rs 108.28 and diesel at Rs 97.20.
