New Delhi: International crude oil prices rose over 2% on Monday ahead of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and other major oil producing countries ‘OPEC+’.
Around 1415 IST, Brent October on the Intercontinental Exchange was at $95.54, up 2.71% from the previous close. West Texas Intermediate futures rose 2.56% to $89.09 a barrel on the NYMEX.
Ravindra Rao, Head of Commodity Research at Kotak Securities said, “Crude oil prices rose today as market players position for OPEC+ production policy meeting… Though the oil-producing group expects largely to hold production today. Crude is also supported by concerns about Russian supplies as G7 countries agreed to impose a price cap on Russian oil, although major buyers India and China unlikely to be involved.”
He said demand concerns weighed on prices in view of China’s COVID-related restrictions.
Sriram Iyer, senior research analyst at Reliance Securities, said clarity on a potential nuclear deal was yet to emerge and it “made some investors doubt that a deal was imminent, which supported oil prices”.
Rahul Kalantri, Vice President, Mehta Equities, said, “We expect crude oil prices to remain volatile as traders await the OPEC+ meeting today, which is likely to discuss production cuts.
Meanwhile, there has been no change in the domestic retail prices of petrol and diesel for the past few days. In the national capital, petrol sold 96.72 per liter and diesel price on Monday. Was 89.62 per liter.
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