Petrol price hike: Petrol prices were hiked by 9 paise in the capital city New Delhi on Monday, after oil marketing companies kept fuel rates unchanged on Sunday. Petrol prices were raised to Rs 76.25 in Delhi, in Kolkata to Rs. 79.14 from Rs 79.05 implying a 9 paise hike. One litre of petrol retailed at Rs 83.70 in Mumbai, up by 9 paise on Monday, and in Chennai for Rs. 79.20, according to the data on IOC’s app.Yesterday, petrol and diesel prices were kept unchanged by fuel retailers after being cut on Saturday.
Oil prices were trading mixed on Monday with U.S. benchmark WTI nudging higher after four weeks of declines, while Brent began the week lower as the fallout from trade tensions weighed on markets. U.S. West Texas Intermediate (WTI) crude futures were up 15 cents, or 0.2 percent, at $68.84 a barrel by 0309 GMT. WTI fell 1.3 percent on Friday. Brent crude futures fell 5 cents to $74.24 a barrel, after notching up a 1.7 percent weekly increase last week, the first gain in four weeks, Reuters reported.
The U.S. economy grew at its fastest pace in nearly four years in the second quarter, but trade tensions remain high between Washington and Beijing despite an easing between the United States and the EU. “Concerns around the U.S.-China trade wars continue to weigh on prices, while the halt in Saudi shipments through the Red Sea waterway has seemingly failed to provide a bullish fillip,” Stephen Innes, head of trading APAC at OANDA Brokerage told Reuters.