Oil prices showed gains on September 30 supported by the rising concerns over the supply pressure from Middle Eastern oil producers, after Israel’s attacks on Iranian backed forces in the region. In the international market Brent crude futures for November delivery increased 51 cents which is 0.71 per cent to $72.49 a barrel. U.S. West Texas Intermediate (WTI) crude futures gained 43 cents, or 0.63 per cent, to $68.61 a barrel. However, in the past week Brent fell around 3 per cent and WTI declined around 5 per cent as China failed to reassure the market after the fiscal stimulus from China, which is the world’s second biggest economy and top oil importer.

The surge in prices on Monday was bolstered by the possibility of increasing Middle East conflict involving Iran, a major oil producer and a crucial member of Organization of the Petroleum Exporting Countries (OPEC), after Israel intensified the attack on Hezbollah and Houthi militant groups.

Rahul Kalantri, VP Commodities, Mehta Equities said, “As per market sources, OPEC+ will increase production by 1,80,000 barrels per day each month starting from December. The Libyan dispute has also settled and its exports could resume soon. Also, the Chinese central bank announced a cut in RRR by 50 basis points and undertook stimulus measures to revive the Chinese economy thus supporting crude oil prices at lower levels. Escalating tensions in the Middle-East are also supporting crude oil prices.”

He also mentioned that crude oil prices may remain volatile in today’s session. Crude oil is having support at $67.55-66.90 and resistance at $69.10-69.80. In INR, crude oil has support at Rs5,630-5,570 while resistance is at Rs 5,775-5,840.

Check latest Petrol and Diesel prices at your place on September 30, 2024

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

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

Bangalore: Petrol price is Rs 102.86 per litre, Diesel price is Rs 88.94 per litre

Gurgaon: Petrol price: Rs 95.05 per litre, Diesel price is Rs 87.91 per litre

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

Lucknow: Petrol price: Rs 94.65 per litre, Diesel price: Rs 87.76 per litre

Thane: Petrol price: Rs 103.58 per litre, Diesel price: Rs 90.10 per litre

Ahmedabad: Petrol price: Rs 94.23 per litre, Diesel price: Rs 89.90 per litre

Jaipur: Petrol price: Rs 104.88 per litre, Diesel price: Rs 90.36 per litre

Surat: Petrol price: Rs 94.69 per litre, Diesel price: Rs 90.38 per litre

Pune: Petrol price: Rs 104.77 per litre, Diesel price: Rs 91.29 per litre

Nagpur: Petrol price: Rs 104.07 per litre, Diesel price: Rs 90.63 per litre

(with Reuter Inputs)