MONEYCONTROL NEWS
APRIL 29, 2023
Synopsis
Oil prices rose by 2% on April 28 as US data indicated a drop in crude output and a growth in fuel demand. India is set to become Europe's biggest supplier of refined fuels, with its imports predicted to surpass those of Saudi Arabia, whilst purchasing record levels of Russian crude.
Oil prices gained about 2 percent on April 28 after U.S. data showed crude output was declining while fuel demand was growing.
Petrol and diesel in Delhi cost Rs 96.72 per litre and Rs 89.62 a litre, respectively. In Mumbai, petrol is being sold for Rs 106.31 per litre and diesel for Rs 94.27 per litre.
In Chennai, prices of petrol and diesel stands at Rs 102.63/litre and Rs 94.24/litre, respectively, while in Kolkata both the fuels are priced at Rs 106.03/litre and Rs 92.76/litre, respectively.
Crude oil prices gained about 2 percent on Friday after U.S. data showed crude output was declining while fuel demand was growing.
Brent crude futures rose $1.16, or 1.5 percent, to $79.53 a barrel by 12:24 p.m. EDT (1624 GMT), while West Texas Intermediate (WTI) crude rose $1.99, or 2.7 percent, to $76.75.
Amid the oil-price crisis and the ongoing war in Ukraine, India is on track to become Europe’s largest supplier of refined fuels this month while simultaneously buying record amounts of Russian crude, according to data compiled by Bloomberg from analytics firm Kpler.
“Russian oil is finding its way back into Europe despite all the sanctioning and India ramping up fuel exports to the west is a good example of it,” said Viktor Katona, lead crude analyst at the firm. “With India taking in so much Russian barrels, it’s inevitable.”
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Europe’s refined fuel imports from India are set to surge above 360,000 barrels a day, edging just ahead of those of Saudi Arabia, Kpler’s data show.
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Source: www.moneycontrol.com
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