On Monday, oil prices rose by more than one percent as crude oil supplies from strained Libya were affected. In the international market, the price of crude oil has gone up to almost 10 days. Due to the rise in the price of crude oil in the international market, there was a trend in the price of oil in domestic futures too.
On the Multi Commodity Exchange (MCX), in February contract of crude oil was trading at Rs 4219 per barrel with a gain of Rs 57, or 1.37 percent, at 10.50 am, while earlier the price of oil jumped to Rs 4,222 per barrel.
Price may increase again
Petrol and diesel prices in India may rise again due to the rise in the price of crude oil in the international market. Significantly, after five consecutive days of cut, petrol in Delhi has become 72 paise per liter cheaper and diesel price has also reduced by 80 paise per liter. But if there is a similar rise in the prices of crude oil, then the prices of petrol and diesel may rise again in the next days.
According to the website of Indian Oil, petrol prices in Delhi, Kolkata, Mumbai, and Chennai have come down to Rs 74.98, Rs 77.58, Rs 80.58 and Rs 77.89 per liter respectively.
Prices have increased due to fears that oil supplies may be affected by the recent Libyan incident, which is going through a period of political instability. Following the closure of a pipeline by the military in Libya, the National Oil Corporation said that it has started closing two oilfields in the southwestern region.
According to news agency IANS, the benchmark crude oil Brent crude on the international futures market Intercontinental Exchange (ICE) was trading 1.31 percent higher at $ 65.70 per barrel in March delivery contract, compared to Brent crude at $ 66 leapt to the barrel. This is the highest level of Brent crude price since January 9 last.
At the same time, the American Light Crude West Texas Intermediate (WTI) March delivery contract was trading up 1.14 percent at $ 59.25 a barrel on the New York Mercantile Exchange (Nymex).
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