International prices of crude oil have been continuing their uptrend after the Organisation of Petroleum Exporting Countries (OPEC) announced that it would effected a 3.5 per cent production cut from November 1 triggering buying spree by speculative hedge funds.
Crude prices have moved up by around 20 per cent since the beginning of the month because of concern over heating oil supplies in the West.
Prospects of the prices moving down in the near future look rather remote because of the falling heating oil stocks in the key consuming regions of the United States and Europe.
The international benchmark Brent (dated) crude, which was hovering at $29.18 a barrel on October 8, moved up to $32.09 a barrel on October 10, but moved down to $31.53 a barrel on October 14.
Jet fuel (Singapore), which was being quoted at $32.60 a barrel on October 8, moved up to $34.10 a barrel on October 10, and further hardened to $34.93 a barrel on October 14.
Prices of gas oil (Singapore) with 0.5 per cent sulphur, which were ruling at $ 31.70 a barrel on October 8, touched $ 32.65 a barrel on October 10, and moved up to $ 33.18 a barrel on October 14.
Naphtha (Singapore), which was being quoted at $ 29.70 a barrel on October 8, hardened to $ 30.98 a barrel on October 10, and moved up to $ 31.25 a barrel on October 14.
Prices of unleaded petrol (fob Singapore), which were ruling at $ 34.03 a barrel on October 8, moved up to $ 35.48 a barrel on October 10, and marginally moved down to $ 35. 30 a barrel on October 14.
