Crude oil prices slightly increased on December, 9 due to rising tensions in the Middle East following the overthrow of Syrian President Bashar al-Assad by rebels. The Brent crude futures increased by 22 cents, or 0.3 per cent and moved to $71.34 per barrel. US West Texas Intermediate (WTI) futures showed an up move by 22 cents or 0.3 per cent and touched $67.42 per barrel.
The Syrian crisis outweighs the low crude oil demand from China. The weak demand from China can be seen after Saudi Aramco reduced the price for Asian buyers.
Brent crude futures were down by more than 2.5 per cent last week and WTI moved down 1.2 per cent as analysts projected a supply surplus next year due to weak demand. The crude oil benchmarks were down despite the OPEC+ decision to delay production hikes and extend cuts to the end of 2026.
On Thursday, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, announced they would delay the planned increase in oil production by three months, pushing the start date to April. Additionally, they extended the full unwinding of production cuts by a year, now scheduled to conclude at the end of 2026.
Rahul Kalantri, VP Commodities, Mehta Equities said, “We expect crude oil prices to remain volatile in today’s session. Crude oil has support at $6.50-65.80, with resistance at $67.75-68.40. In INR terms, support is seen at Rs 5,730-5,650, while resistance is at Rs 5,790-5,860.”
He added, “The drop in prices was driven by an increase in global supply coupled with subdued demand. U.S. gasoline and distillate inventories also surged last week, exerting further downward pressure on oil prices. However, better-than-expected economic data from China may lend some support to prices at lower levels.”
Check latest Petrol and Diesel prices at your place on 9 December 2024
New Delhi: Petrol price: Rs 94.77 per litre, Diesel price: Rs 87.67 per litre
Kozhikode: Petrol price: Rs 105.99 per litre, Diesel price: Rs 94.99 per litre
Chennai: Petrol price: Rs 101.23 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 90.06 per litre
Noida: Petrol price: Rs 94.71 per litre, Diesel price: Rs 88.01 per litre
Vadodara: Petrol price: Rs 94.52 per litre, Diesel price: Rs 90.20 per litre
(With Reuters Inputs)