Crude oil prices have slightly fallen by more than $1 on October 8 amid the Israel-Iran ongoing war. Looking at the war in the Middle Eastern region, it is considered the major fear among traders that led to profit booking and further a downward trend.
In the International markets, Brent crude futures fell $1.17 or 1.5 per cent to $ 79.76 per barrel. Similarly, West Texas Intermediate (WTI) Future fell $1.19 or 1.6 per cent to $ 75.95 per barrel. The contracts of both Brent Crude and WTI had a surge of 3 per cent on Monday touching a record high since late-August, adding to last week’s rally of 8 per cent amid the growing fear of oil supply disruptions in the Middle Eastern region.
The crude oil was maintained at a record high over a month and the decline can be seen from a long-standing upward trend. The rally in the price began after a missile launched by Iran on Israel on October 1 and Israel is expected to retaliate by targeting Iran’s Oil facilities.
Sriram Iyer, Senior Research Analyst at Reliance Securities said, “Looking ahead from an intraday perspective, NYMEX and Brent crude oil prices have started weaker this early Tuesday morning in Asian trading. China returns from a weeklong holiday which could further boost demand amid escalating tensions in the Middle East and will cap downside. Key triggers this week could be inventory data. Intraday, the NYMEX WTI November futures could trade in band of $74.50 to $79.00, while MCX October crude futures could trade within 6,300 to 6,570. On the options side, highest Call OI has shifted to 6500 strike from 6300 strike, while the highest Put OI has shifted to 6000 strike from 5700 strike for 17 October 2024 expiry.
Check latest Petrol and Diesel prices at your place on 8 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 100.75 per litre, Diesel price: Rs 92.34 per litre
Kolkata: Petrol price: Rs 104.95 per litre, Diesel price: Rs 91.76 per litre
Noida: Petrol price: Rs 94.65 per litre, Diesel price: Rs 87.75 per litre
Lucknow: Petrol price: Rs 94.65 per litre, Diesel price: Rs 87.66 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 105.71 per litre, Diesel price: Rs 90.36 per litre
Trivandrum: Petrol price: Rs 107.35 per litre, Diesel price: Rs 96.23 per litre
Bhubaneswar: Petrol price: Rs 103.54 per litre, Diesel price: Rs 94.76 per litre
(With Reuters Inputs)
