Crude oil price saw an up move on Tuesday after falling more than $2 per barrel in the previous session. The major reason attributed behind the previous drop was, investors were expecting a potential ceasefire between Israel and Lebanon’s Hezbollah, turning into lower concerns for the oil price along with a fall in it.
Brent crude futures showed an upward movement of 73 cents, or 1 per cent to $73.74 per barrel. U.S. West Texas Intermediate (WTI) crude futures were at $69.62 per barrel, with an up move of 68 cents, also 1 per cent.
Crude oil prices plunged on Monday after getting multiple reports of Israel and Lebanon agreeing to terms of a deal to end the Israel-Hezbollah conflict. According to a senior Israeli official it looks to approve a U.S. plan for a ceasefire.
“International and domestic crude futures plummeted Monday as geopolitical tensions eased in the Middle East amid reports Israel and Hezbollah are close to a cease-fire. Weakness in the crude crack spread and increase in crude oil held worldwide on tankers was bearish for oil prices. Prices also fell despite a weaker dollar and a rally in the S&P 500 to a new record high, which signals confidence in the economic outlook and energy demand,” Said Sriram Iyer, Senior Research Analyst at Reliance
OPEC+ countries may consider leaving its current oil output cuts in place from January 1 at its next meeting on Sunday. The producer group is already postponing hikes in production amid global demand worries. On Monday, Trump said he would impose a 25 per cent tariff on all products coming into the U.S. from Mexico and Canada. It was unclear whether this would include crude oil.
The majority of 4 million barrels per day, crude exports of Canada go to the US. However, it is uncertain of Donald Trump to impose a tariff on Canadian oil, which cannot be easily replaced since it differs from the grades that the US produces.
Check latest Petrol and Diesel prices at your place on 26 November 2024
Guwahati: Petrol price: Rs 98.08 per litre, Diesel price: Rs 90.33 per litre
Chennai: Petrol price: Rs 100.90 per litre, Diesel price: Rs 92.49 per litre
Gurgaon: Petrol price: Rs 94.87 per litre, Diesel price: Rs 87.73 per litre
Lucknow: Petrol price: Rs 94.61 per litre, Diesel price: Rs 87.72 per litre
Nashik: Petrol price: Rs 104.69 per litre, Diesel price: Rs 91.20 per litre
Kolkata: Petrol price: Rs 104.95 per litre, Diesel price: Rs 91.76 per litre
Bangalore: Petrol price: Rs 102.92 per litre, Diesel price: Rs 88.99 per litre
Jaipur: Petrol price: Rs 104.72 per litre, Diesel price: Rs 90.21 per litre
Surat: Petrol price: Rs 94.37 per litre, Diesel price: Rs 90.06 per litre
New Delhi: Petrol price: Rs 94.77 per litre, Diesel price: Rs 87.67 per litre
(With Reuters Inputs)