Crude oil prices rose 4% in a day to cross $ 65, petrol consumption in India jumped 9%

Crude oil prices increased four percent on Monday to cross the $ 65-per-barrel mark following producer group OPEC and other nations keeping production growth in July the same as the previous two months. Brent crude increased by $ 2.28 to $ 65.06 per barrel. US West Texas Intermediate crude increased 4.9 percent to $ 63.78.

The Organisation of the Petroleum Exporting Countries and its partners (OPEC Plus) on Saturday agreed to increase production by 4.11 lakh barrels per day (bpd) for the third time running in the month of July. Morgan Stanley said that by October, there will be an increase of 4.11 lakh BPD every month and the total will be 22 lakh BPD. Onyx Capital Group analyst Harry Chilinguirian wrote on LinkedIn, oil prices may rise further in the future.

Apart from the global report, petrol consumption in India has increased for the second consecutive month due to increased travel in summer. Petrol consumption in May increased by 8.77 percent to 37 lakh tonnes. It was 34.6 lakh tonnes a year ago. Diesel sales increased by two percent to 85.7 lakh tonnes. According to the data, diesel consumption in April was 82.3 lakh tonnes, up 4 percent. Diesel demand has decreased in the last few months.