Petrol, diesel tumble today; global crude gains near 3-week high

After witnessing a gradual hike yesterday, petrol and diesel prices in India were cut on Tuesday at 2 paisa per litre each in metro cities despite global crude extending gains. 
 
According to Indian Oil data, on February 27, petrol was priced at Rs 71.51 per litre in New Delhi, Rs 74.26 per litre in Kolkata, Rs 79.39 per litre in Mumbai and Rs 74.15 per litre in Chennai - each down by 2 paisa compared to the previous day. 
 
Petrol on February 26, stood at Rs 71.53 per litre in New Delhi, Rs 74.28 per litre in Kolkata, Rs 79.41 per litre in Mumbai and Rs 74.17 per litre in Chennai. 
 
Diesel prices were also reduced by 2 paisa each per litre in the above mentioned metro cities. 
 
On Tuesday, diesel was available at Rs 62.15 per litre in New Delhi, Rs 64.84 per litre in Kolkata, Rs 66.19 per litre in Mumbai and Rs 65.52 per litre in Chennai. 
 
Diesel on Monday was priced at Rs 62.17 per litre in New Delhi, Rs 64.86 per litre in Kolkata, Rs 66.21 per litre in Mumbai and Rs 65.54 per litre in Chennai. 
 
Meantime, US West Texas Intermediate crude for April delivery was up 4 cents at $63.95 a barrel by 0223 GMT. The contract, which has risen four days in a row, on Monday hit its highest since Feb 6 at $64.24.
 
London Brent crude was up for a fifth day, trading 1 cent higher at $67.51 a barrel.
 
A Reuters report said that prices have been rising since the US Energy Information Administration (EIA) last week said there was a surprise draw on oil stockpiles amid a fall of in imports and a surge in exports. 
 
US crude inventories are forecast to have risen by 2.7 million barrels last week, a preliminary Reuters poll showed on Monday.