Oil Prices Cut

LONDON (Reuters) -Oil prices slipped on Friday and were near their lowest levels since February as concerns over a possible recession and a fall in fuel demand continued to rattle markets.

Jet fuel (ATF) prices on Monday were cut by the steepest ever 12 per cent, the second reduction in as many weeks, on softening international oil prices amid recessionary fears. Aviation turbine fuel (ATF) prices were cut by Rs 16,232.36 per kilolitre, or 11.75 per cent, to Rs 121,915.57 per kl in the national capital, a price notification of state-run retailers showed. This is the steepest ever reduction in rates and follows a Rs 3,084.94 per kl (2.2 per cent) reduction effected on July 16. Parallelly, the rates of commercial LPG - the one used by hotels, restaurants and other business establishments - was cut by Rs 36 to Rs 1,976.50 per 19-kg cylinder. This is the fourth reduction in commercial LPG rates since May. In all, prices have come down by Rs 377.50 per 19-kg cylinder. There was no change in the price of domestic cooking gas LPG used in the household kitchens. A 14.2-kg domestic LPG cylinder costs Rs 1,053 in the national capital. While ATF prices are revised on the 1st

Oil prices have fallen over recession feads and OPEC output, driving investors into frenzy

Global economic output is expected to contract by 2% this year - worse than the financial crisis - while demand has collapsed by 30% because of the pandemic.

Petrol costs Rs 69.59 per litre in New Delhi, Rs 72.29 in Kolkata, while in Mumbai, the petrol is priced at Rs 75.30.

The fall in oil prices comes at a time when the global economy is already reeling under the impact of coronavirus, which has dented demand across sectors and economies

An OPEC+ delegate said there were "positive signs" after a separate, earlier OPEC+ meeting had finished.

Brent crude futures LCOc1 gained $1.31, or 2.2%, to $60.41 a barrel by 11:27 a.m. EDT (1527 GMT), after earlier reaching a session high of $60.65 a barrel

The government had yesterday cut excise duty on petrol and diesel by Rs 2 per litre each