Crude oil dipped slightly on December 10 but held on to most of the gains made on December 9, Monday. On Monday prices increased over 1 per cent and Brent crude futures ended with a high of $1.02 and touched $72.14 per barrel, while U.S. West Texas Intermediate crude gained $1.17 and settled at $68.37.
This was driven by increased geopolitical concers following the fall of Syrian President Bashar al-Assad and China’s move to loosen monetary policy for the first time since 2010.
However, on December 10 Brent crude futures remained muted around $72.01 per barrel. Similarly, US West Texas Intermediate (WTI) crude futures declined by 14 cents around 0.2 per cent and reached $68.23.
Syria isn’t a major oil producer, but its location and ties to Russia and Iran make it strategically important. A change in leadership could increase instability in the region. Syria’s ousted President Assad’s prime minister said on Monday that he agreed to hand power to the rebel-led Salvation Government, a day after rebels took Damascus and Assad fled to Russia.
This power shift ends 13 years of civil war and more than 50 years of harsh rule by the Assad family.
The markets are waiting for China’s trade data for November, which will be released on Tuesday, along with a report from the American Petroleum Institute (API) later in the day about U.S. crude oil and gasoline stockpiles from last week.
Sriram Iyer, Senior Research Analyst at Reliance Securities said,”Oil prices are also seeing support from heightened turmoil in the Middle East and strength in the crude crack spread after crack spread rose to a 1-1/2 week high. NYMEX and Brent crude oil prices have started marginally weaker on Tuesday morning in Asian trading. Key triggers will be inventory data this week.”
He added,“Crude oil and gasoline prices rallied Monday in the hopes that additional stimulus measures by the Chinese government will boost energy demand in China. The Chinese Politburo announced that it would embrace a moderately loose strategy for monetary policy next year and vowed to be more proactive on fiscal policy, a sign of further easing ahead. “
Check latest Petrol and Diesel prices at your place on 10 December 2024
New Delhi: Petrol price: Rs 94.77 per litre, Diesel price: Rs 87.67 per litre
Kozhikode: Petrol price: Rs 106.03 per litre, Diesel price: Rs 95.02 per litre
Chennai: Petrol price: Rs 100.80 per litre, Diesel price: Rs 92.39 per litre
Mumbai: Petrol price: Rs 103.50 per litre, Diesel price: Rs 90.03 per litre
Lucknow: Petrol price: Rs 94.69 per litre, Diesel price: Rs 87.81 per litre
Bangalore: Petrol price: Rs 102.92 per litre, Diesel price: Rs 88.99 per litre
Hyderabad: Petrol price: Rs 107.46, Diesel price: Rs 95.70 per litre
Bhubaneswar: Petrol price: Rs 103.54 per litre, Diesel price: Rs 94.76 per litre
Shimla: Petrol price: Rs 95.02 per litre, Diesel price: Rs 87.36 per litre
Surat: Petrol price: Rs 94.32 per litre, Diesel price: Rs 90.01 per litre
Noida: Petrol price: Rs 94.77 per litre, Diesel price: Rs 87.89 per litre
Vadodara: Petrol price: Rs 94.23 per litre, Diesel price: Rs 89.90 per litre
(With Reuters Inputs)
