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Oil marketing companies(OMCs) have released new rates of petrol-diesel for today i.e. Thursday, 7 July. Today petrol is being sold at at Indian Oil's petrol pumps in Delhi is 96.72 liter and diesel is being sold for 89.62 a liter. There has been no change in the rates of petrol and diesel in the country since May 21, even amidst the volatility in the prices of crude oil in the international market.

Petrol and diesel prices in all four metros:

In Delhi petrol is available at 96.72 and diesel 89.62 per liter

In Mumbai petrol is available at 111.35 and diesel 97.28 per liter

In Chennai petrol is available at 102.63 and diesel 94.24 per liter

In Kolkata petrol is available at 106.03 and diesel 92.76 per liter

In Bengaluru petrol is available at Rs101.94 and diesel at 87.89 per litre

In Hyderabad petrol is available at Rs109.66 and diesel at 97.82 per litre.

In India, the cheapest petrol and diesel is available in Port Blair. The price of petrol is 84.10 and the price of diesel is 79.74 per liter.

In the international market,recession worries pushed the price of Brent oil briefly back under $100 on Wednesday. Citi analysts have forecast that Brent could strike $65 later this year in the event of a prolonged worldwide economic downturn.

Trade was volatile, with both crude benchmarks up over $2 a barrel early on supply concerns and down over $4 a barrel at session lows. Crude futures have been extremely volatile for months.

On Tuesday, WTI slid 8% while Brent tumbled 9%, a $10.73 drop that was the third biggest for the contract since it started trading in 1988. Its biggest drop was $16.84 in March.

Analysts at investment banks Goldman Sachs and UBS said oil prices dropped due to recession fears.

UBS cited numerous reasons, including "the unwinding of the oil trade as inflation hedge, a stronger US dollar, hedge funds reacting to negative oil price momentum, producer hedging, and new mobility restriction concerns in China."

Europe's benchmark crude oil contract, Brent North Sea, fell briefly under $100 per barrel in afternoon deals, following its US counterpart WTI, which slumped below the symbolic level on Tuesday.

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