Petrol, Diesel Price – There is unlikely to be any respite to the common man as crude oil prices are only rising by the day. Anuj Gupta, Senior Technical Analyst at Angel Broking and Commodity and Forex market expert said that the upwards trend will only continue in the near to medium term and the spike may create inflationary pressure on prices of various goods.
On Tuesday crude oil prices moved to new highs not seen over the last 13 months on Tuesday as on the back of supply cuts by major producers. The consumption demand has also been picking up which is supporting the oil. There is fresh optimism towards demand and price growth among the oil producers, the technical analyst said.
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After being severely hit during the lockdown because of the Coronavirus pandemic, the crude oil prices are now seeing significant recovery and the trend looks positive in the near to medium term, Gupta said.
The increase in price of crude oil will further increase the fuel bill of the consumers.
See Diesel, Petrol Prices in metro cities
- DELHI – On Tuesday, Petrol price was at Rs 87.30 while the Diesel Price was Rs 77.48.
- MUMBAI – Petrol price was at Rs 93.83 while the Diesel Price was Rs 84.36.
- KOLKATA – Petrol price was at Rs 88.63 while the Diesel Price was Rs 81.06.
- CHENNAI – Petrol price was at Rs 89.70 while the Diesel Price was Rs 82.66.
Gupta said that Brent Crude is trading at USD 61.09 and WTI Crude is 58.50. While the former is expected to reach a target price of USD 63, the latter could USD 60 over a 1-week period.
MCX February Oil Futures
At 11:50 am, the MCX February Oil Futures were trading at Rs 4276 BBL, gaining almost 1 per cent on Tuesday from the previous close. He recommended a Buy on oil futures at Rs 4220. He puts the stop loss at Rs 4140 and target price at Rs 4320.
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