Crude oil prices continued to be stable on Wednesday as investors are cautious ahead of the US Federal Reserve’s expected interest rate cut. As per the latest update, Brent crude futures were up by 12 cents and were at $73.31 per barrel whereas US West Texas Intermediate (WTI) crude were hiked by 11 cents and were at $70.19 per barrel.
Meanwhile, the Federal Reserve is likely to announce its third interest rate cut, as per Reuters report. Market participants are keeping a close watch for indications of the central bank’s future economic planning. Any variations in the interest rates usually impact the global oil demand and pricing.
The ongoing geopolitical tensions around Russia’s oil exports continue to govern the market. The European Union levied its 15th sanctions package against Russia over its attack on Ukraine. The restrictions include curtailment on the 33 additional vessels from Russia’s fleet which is responsible for transportation of crude oil and petroleum markets.
According to Rahul Kalantri, VP Commodities, Mehta Equities Ltd, ”We expect crude oil prices to remain volatile in today’s session. Crude oil is having support at $69.20-68.80 and resistance is at $70.40-70.90 today’s session. In INR crude oil has support at Rs 5,850-5,800 while resistance at Rs 5,970-6,050.”
Check latest Petrol and Diesel prices at your place on 18 December 2024
Mumbai: Petrol price: Rs 103.50 per litre, Diesel price: Rs 90.03 per litre
Kolkata: Petrol price: Rs 105.01 per litre, Diesel price: Rs 91.82 per litre
Thane: Petrol price: Rs 103.64 per litre, Diesel price: Rs 90.16 per litre
Bhopal: Petrol price: Rs 106.52 per litre, Diesel price: Rs 91.89 per litre
Chennai: Petrol price: Rs 101.03 per litre, Diesel price: Rs 92.61 per litre
Coimbatore: Petrol price: Rs 101.23 per litre, Diesel price: Rs 92.83 per litre
Jaipur: Petrol price: Rs 104.72 per litre, Diesel price: Rs 90.21 per litre
Noida: Petrol price: Rs 94.77 per litre, Diesel price: Rs 87.89 per litre
Patna: Petrol price: Rs 105.47 per litre, Diesel price: Rs 92.09 per litre
Srinagar: Petrol price: Rs 99.64 per litre, Diesel price: Rs 84.82 per litre
Varanasi: Petrol price: Rs 95.11 per litre, Diesel price: Rs 88.30 per litre
Ludhiana: Petrol price: Rs 97.29 per litre, Diesel price: Rs 87.79 per litre