Gaza Diplomacy And Venezuelan Oil; Crude Oil Boom?

As Asian commodity markets resumed trading on Monday morning, crude oil prices were marginally lower. The correction in crude oil prices was fueled by news that diplomatic efforts over the weekend led to the delivery of aid by envoys to conflict-torn Gaza.

The correction in crude oil prices comes as the move reinforces speculation that the conflict between Israel and the Palestinian Islamist group Hamas will not spread elsewhere in the oil-rich West Asian region. Brent crude futures, the most heavily traded, were down 0.7 percent at $91.56, while the US WTI futures contract was down 0.7 percent at $87.47 (00.38 GMT).

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Last week also in gain

Meanwhile, crude oil futures closed with a gain of over 1 percent in the last trading week. Crude oil closed with gains for the second consecutive trading week. Due to the Israeli-Palestinian conflict, the global crude oil supply will be disrupted, which has prompted the increase in crude oil prices in the international market.

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Why correction?

Israel’s temporary suspension of attacks against Hamas following US pressure is a sign that the conflict may not spill over into the rest of the region, brokerage firm ANEZ Research said in a report to clients. Along with this, the decision of the United States to ease the sanctions against Venezuela, which is also a member of the OPEC group, creates a correction in crude oil prices.

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Fuel cost

No significant changes in petrol and diesel prices in the country were reported on Monday. The price of a liter of petrol in Delhi city limits remains unchanged at Rs 96.72 and diesel at Rs 89.62. The cost of petrol in Mumbai is Rs 106.31 and diesel is Rs 94.27 each. Petrol price in Kolkata remains unchanged at Rs 106.03 and diesel at Rs 92.76. Petrol price in Chennai metro city remains unchanged at Rs 102.63 and diesel at Rs 94.24.

Similarly, there was no change in vehicle fuel prices in Kerala on Monday. In Thiruvananthapuram, the price of a liter of petrol remains unchanged at Rs 109.73 and diesel at Rs 98.53. The price of petrol in Kochi city limits remains unchanged at Rs 107.78 and diesel at Rs 96.70. Petrol price in Kozhikode city remains unchanged at Rs 108.28 per liter and diesel at Rs 97.20.