Crude Oil Price Breaches $70 For The First Time Since COVID-19 Outbreak

On Monday, Brent crude futures (the widely used benchmark for international oil prices) jumped over $70 a barrel for the first time since the COVID-19 outbreak, following reports of attacks on Saudi Arabian oil facilities.

The futures benchmark for May touched $71.16 a barrel in early Asian trade, while US West Texas Intermediate (WTI) crude for April reached $67.86 a barrel, its highest since October 2018.

According to a Reuters report, Yemen's Houthi forces fired drones and missiles at the heart of Saudi Arabia's oil industry on Sunday, including a Saudi Aramco facility at Ras Tanura vital to petroleum exports, in what Riyadh called a failed assault on global energy security.

The news caused prices to surge on Monday when markets opened.

Brent and WTI prices are up for the fourth consecutive session after OPEC and their allies decided to keep production cuts largely unchanged in April. Despite fast-rising crude prices, Saudi Arabia's oil minister has voiced doubts about on-demand recovery.

Retail prices of fuel in India are revised on a daily basis by oil marketing companies in line with changes in the international prices and the rupee's exchange rate. These are at all-time highs and left unchanged for the ninth consecutive day on 8 March.

Petrol prices per litre stayed at Rs 91.17 in New Delhi, Rs 91.35 in Kolkata, Rs 97.57 in Mumbai and Rs 93.11 in Chennai.

Diesel prices per litre were stagnant at Rs 81.47 in New Delhi, Rs 84.35 in Kolkata, Rs 88.60 in Mumbai and Rs 86.45 in Chennai.