Crude Oil prices reached a highest level in the year-2019 on Thursday, driven by Supply cuts by the Organization of the Petroleum Exporting Countries (OPEC). The international benchmark Brent Crude futures in the morning session was at USD67.14 per barrel, which is seen very close from its 2019-peak of USD67.38 per barrel. US WTI crude oil futures were at USD57.3 per barrel, within touching level of their 2019-peaks of USD57.55.

As per a weekly report by the American Petroleum Institute on Wednesday, US crude oil stocks zoomed by 1.3-mln barrels in the week to February15 to 448.5mln.

In view of the surge in crude oil price, however, Indian Oil marketing companies (OMCs) have increased retail prices of fuel (petrol & diesel). Accordingly, the Indian OMCs on Thursday hiked the retail prices of petrol and diesel sold across India. Petrol prices per litre were hiked to Rs71.15 in New Delhi, Rs76.79 in Mumbai, Rs73.25 in Calcutta and Rs73.87 in Chennai. Conversely, diesel prices per litre increased to Rs66.33 in New Delhi, Rs69.47 in Mumbai, Rs68.13 in Calcutta and Rs70.09 in Chennai. 

These prices are on the basis of an average of global crude rates for the past fifteen days and the exchange rate of the rupee against the greenback.