Petrol price today: Petrol prices were cut for the sixth straight day on Tuesday, with rates being cut by 7 paise in the major metros. Notably, one litre of petrol retailed at Rs 76.23 in Delhi, as compared to Rs 76.30 yesterday, implying a cut of 7 paise. In Mumbai, petrol prices were slashed by 7 paise to Rs 83.68. Petrol prices in Kolkata and Chennai are at Rs. 79.10 per litre and Rs. 79.18 per litre respectively, implying a cut of 7 paise in the two metros too, data sourced from IOC app showed. Fuel prices, which surged to record highs on May 29, have been cut mostly in last 50 days as international crude oil prices slumped due to various geopolitical factors.
Oil prices extended losses on Tuesday as attention shifted to the risk of oversupply, with market participants shrugging off escalating tensions between the United States and Iran. Brent crude oil was down 10 cents, or 0.14 percent, at $72.96 a barrel by 0037 GMT, after settling down 1 cent on Monday. U.S. crude was down 9 cents, or 0.13 percent, at $67.80 a barrel. The contract fell 37 cents the previous day, Reuters reported.
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Technical experts say that crude oil prices could continue to fall. “The fall from 75 to current levels has five waves (clear in daily chart) and price has reversed from upper trendline of the rising channel which suggested us to call the top in crude. From here crude price could continue to fall towards 57 levels or lower which is 38.2 per cent retracement level. This view will cancel out on a close above 80,” brokerage firm HDFC Securities said in a note.
