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Brent and WTI both fell about 20% from the peak of their four-year high in October.
Petroleum marketing companies cut gasoline prices in the four metropolitan cities on Friday. The price of gasoline was at Rs. 78.06 per liter in New Delhi, Rs. 79.98 per liter in Kolkata, Rs. 83.57 per liter in Mumbai and Rs. 81.08 per liter in Chennai , according to the Indian Oil Corporation (IOC). The diesel was sold at Rs. 72.74 per liter in New Delhi, Rs. 74.60 per liter in Kolkata, Rs. 76.22 per liter in Mumbai and Rs. 76.89 per liter in Chennai. Gasoline and diesel tariffs are set daily by oil marketing companies on the basis of the Australian dollar exchange rate and world crude oil prices.
Indian oil marketing companies, Indian Oil, Bharat Petroleum and Hindustan Petroleum review fuel prices daily starting at 6 am. has authorized the daily review of fuel rates since mid-June of last year to instantly reflect the changing costs.
Overall, oil markets remained weak on Friday, due to a rising supply and a slowdown in economic activity, the US crude falling According to the agency Reuters news, about 20% since the beginning of October
West Texas Intermediate (WTI) crude oil futures were trading at $ 65.60 a barrel in intraday trade, down 4 cents or 0.1% from their latest settlement. WTI is expected to fall for a fifth week, down 4.1 pe so far this week.
Brent crude futures in the first month were $ 70.69 per barrel, 4 cents higher than their last closing price. Brent is expected to drop 2.9% this week, its fifth consecutive week of decline.
Brent and WTI both fell about 20% from the four-year high reached in early October.
(With Reuters entries)
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