Relief For India; 3% Decline In Crude Oil Prices; US Fed Meeting Is Crucial

Crude oil fell in Monday’s trading as the crucial US Federal Reserve meeting is about to begin. Brent crude futures, the most traded, were down $3.03, or 3.35 percent, at $87.45 a barrel, while U.S. WTI crude futures were down $3.23, or 3.78 percent, at $82.31 a barrel.

Notable Components

Jim Ritterbush of brokerage firm Ritterbush & Associates pointed out that concerns about the war on Israel’s Hamas and the negative impact on the global oil supply chain are keeping crude prices down. Along with this, the meeting of the monetary policy committee of the American central bank, the Federal Reserve, will announce a new decision on interest rates this Wednesday. If the base interest rate is hiked again, it will adversely affect the crude oil market. Ahead of this, investor caution is also reflected in crude oil prices.

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In Venezuelan crude

A report by international brokerage firm S&P Global Commodity pointed out that India may import crude oil from Venezuela, a member of the Organization of the Petroleum Exporting Countries (OPEC) and a leading Latin American country, at discounted rates. On October 18, the United States eased the tough sanctions against Venezuela, opening up a new way for India to access crude oil. India is already buying crude oil from Russia at below market price.

After Russia, it is reported that cheap crude oil will reach India from Venezuela
Fuel cost

No significant change was reported in petrol and diesel prices in the country on Tuesday as well. Petrol price in Delhi remains unchanged at Rs 96.72 per liter and diesel at Rs 89.62. Petrol price in Mumbai remains at Rs 106.31 and diesel at Rs 94.27. In Kolkata, the price of a liter of petrol remains unchanged at Rs 106.03 and diesel at Rs 92.76. Petrol price in Chennai remains at Rs 102.63 and diesel at Rs 94.24.

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Similarly, no significant changes have been recorded in vehicle fuel prices in Kerala till date. In Thiruvananthapuram district, the price of a liter of petrol remains unchanged at Rs 109.73 and diesel at Rs 98.53. Petrol price in Kochi city limits remains Rs 107.78 and diesel price remains Rs 96.70. Petrol price in Kozhikode city remains unchanged at Rs 108.28 and diesel at Rs 97.20.