Crude oil prices edged up in the early trade on January 1, 2025. Brent Crude futures moved up 19 cents, or 0.25 per cent and touched $74.83. Similarly, US West Texas Intermediate aligned with the uptrend by 88 cents or 1.24 per cent.
On the last day of 2024, Brent crude futures rose by 65 cents, or 0.88 per cent, and settled at $74.64 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 73 cents, or 1.03 per cent, ending at $71.72 per barrel.
Oil prices dropped by approximately 3 per cent in 2024, marking a second consecutive year of declines. The slowdown in the post-pandemic demand recovery, economic challenges in China, and increased production from the U.S. and other non-OPEC countries contributed to a well-supplied global market, putting downward pressure on prices.
The International Energy Agency (IEA) anticipates the oil market will enter 2025 in surplus, despite OPEC and its allies postponing their plans to begin raising output until April 2025, amid a backdrop of declining prices.
Check latest Petrol and Diesel prices at your place on 1 January 2024
Bangalore: Petrol price: Rs 102.92 per litre, Diesel price: Rs 88.99 per litre
Gurgaon: Petrol price: Rs 94.75 per litre, Diesel price: Rs 87.59 per litre
Mumbai: Petrol price: Rs 103.50 per litre, Diesel price: Rs 90.03 per litre
Ludhiana: Petrol price: Rs 97.44 per litre, Diesel price: Rs 87.93 per litre
Guwahati: Petrol price: Rs 98.08 per litre, Diesel price: Rs 90.33 per litre
Pune: Petrol price: Rs 104.83 per litre, Diesel price: Rs 91.35 per litre
Ranchi: Petrol price: Rs 98.70 per litre, Diesel price: Rs 93.45 per litre
New Delhi: Petrol price: Rs 94.77 per litre, Diesel price: Rs 87.67 per litre
Srinagar: Petrol price: Rs 99.72 per litre, Diesel price: Rs 84.90 per litre
Surat: Petrol price: Rs 94.75 per litre, Diesel price: Rs 90.44 per litre
Chennai: Petrol price: Rs 101.03 per litre, Diesel price: Rs 92.61 per litre
Indore: Petrol price: Rs 106.55 per litre, Diesel price: Rs 91.94 per litre
(With Reuters Inputs)