Crude oil prices were marginally down on December 4 in early Asia trade. Brent crude futures declined by 2 cents, or 0.03 percent, and touched $73.60 per barrel. Similarly, the U.S. West Texas Intermediate (WTI) crude futures followed the trend, dropping by 3 cents, or 0.04 percent, and moved to $69.91. However, on the previous day, Brent crude showed a major gain of 2.5 percent over the span of two weeks.
The U.S. crude stockpile saw an oversupply of 1.2 million barrels in the last week. Similarly, gasoline also had an oversupply of 4.6 million barrels in the last week, including Thanksgiving Day, when demand is usually higher due to increased travel. OPEC+ countries are also looking to remove the supply restrictions on crude oil. However, rising tensions in West Asia could play a deciding factor in the OPEC+ decision.
Rahul Kalantri, VP Commodities, Mehta Equities said,”We anticipate crude oil prices to remain volatile this week due to fluctuations in the dollar index, upcoming OPEC+ meetings, and ongoing geopolitical tensions. Crude oil has support at $69.20-$68.55 and resistance at $70.65-$71.25 in today’s session. In INR, crude oil finds support at Rs 5,855-5,790, with resistance at Rs 5,990-6,040.”
So, how will this impact the petrol and diesel rates in your city? Here is a detailed check
Check latest Petrol and Diesel prices in your city on 4 December 2024
Bangalore: Petrol price: Rs 102.92 per litre, Diesel price: Rs 88.99 per litre
Gurgaon: Petrol price: Rs 95.04 per litre, Diesel price: Rs 87.90 per litre
Mumbai: Petrol price: Rs 103.50 per litre, Diesel price: Rs 90.03 per litre
Ludhiana: Petrol price: Rs 97.25 per litre, Diesel price: Rs 87.74 per litre
Guwahati: Petrol price: Rs 98.08 per litre, Diesel price: Rs 90.33 per litre
Pune: Petrol price: Rs 104.20 per litre, Diesel price: Rs 90.72 per litre
Ranchi: Petrol price: Rs 97.86 per litre, Diesel price: Rs 92.62 per litre
New Delhi: Petrol price: Rs 94.77 per litre, Diesel price: Rs 87.67 per litre
Srinagar: Petrol price: Rs 99.71 per litre, Diesel price: Rs 84.88 per litre
Surat: Petrol price: Rs 94.75 per litre, Diesel price: Rs 90.44 per litre
Chennai: Petrol price: Rs 100.93 per litre, Diesel price: Rs 92.52 per litre
Indore: Petrol price: Rs 106.74 per litre, Diesel price: Rs 92.1 per litre
(With Reuters Inputs)