Oil prices declined marginally on October 7 after one of the steepest weekly rise last week following the Israel-Iran conflict and fear of supply constraints. In the International market, Brent crude futures fell 31 cents or 0.4 per cent to $77.74 per barrel. US West Texas Intermediate (WTI) crude futures fell 20 cents or 0.27 per cent to $74.18 per barrel. Brent crude saw a surge of more than 8 per cent last week, which  was the biggest weekly gain since January 2023. However, the WTI contract gained 9.1 per cent week on week, the highest since March 2023, supported by the expectations that Israel could strike Iranian oil infrastructure in response to an Iranian missile attack on Israel on October 1.

Rahul Kalantri, VP Commodities, Mehta Equities said, “Crude oil prices experienced significant volatility last week, recovering from their lows to reach five-week highs, driven by heightened tensions in the Middle East and better-than-expected U.S. non-farm payroll data. Israel’s military actions against Lebanon and its threats of retaliation against Iran in response to missile attacks on Israel have further unsettled global oil markets. The crude oil prices rose due to positive U.S. economic data, including the non-farm payroll report and the unemployment rate.”

He also mentioned that China’s oil demand could boost due to the reopening of the Chinese market this week, along with the recent stimulus measures. However, gains are limited due to the upcoming OPEC+ production hike starting in December and with the strong US Dollar. He added that crude oil prices could remain volatile in today’s session. It has support at $73.10–$72.50 and resistance at $74.20–$75.00. In INR, crude oil has support at ₹6,250–₹6,180 and resistance at ₹6,420–₹6,480.

Check latest Petrol and Diesel prices at your place on 7 October, 2024

New Delhi: Petrol price: Rs 94.72 per litre, Diesel price: Rs 87.62 per litre

Mumbai: Petrol price: Rs 103.44 per litre, Diesel price: Rs 89.97 per litre  

Chennai: Petrol price: Rs 100.88 per litre, Diesel price: Rs 92.47 per litre  

Kolkata: Petrol price: Rs 104.95 per litre, Diesel price: Rs 91.76 per litre  

Noida: Petrol price: Rs 94.72 per litre, Diesel price: Rs 87.83 per litre  

Lucknow: Petrol price: Rs 94.56 per litre, Diesel price: Rs 87.81 per litre  

Bengaluru: Petrol price: Rs 102.86 per litre, Diesel price: Rs 88.94 per litre  

Hyderabad: Petrol price: Rs 107.41 per litre, Diesel price: Rs 95.65 per litre  

Jaipur: Petrol price: Rs 104.88 per litre, Diesel price: Rs 90.07 per litre  

Trivandrum: Petrol price: Rs 107.56 per litre, Diesel price: Rs 96.43 per litre  

Bhubaneswar: Petrol price: Rs 103.54 per litre, Diesel price: Rs 94.76 per litre  

(With Reuters Inputs)