Are Falling Oil Prices Good Thing For India; Check Latest Petrol And Diesel Prices In Indian Cities Here

Brent crude futures edged lower on Friday, extending losses from the earlier session, as investors speculated on whether Organization of Petroleum Exporting Countries and its allies would come to an agreement on further output cuts.

According to Reuters data, Brent crude futures were down 0.07%, to $81.36 at 0400 GMT, while US West Texas Intermediate (WTI) crude slipped 0.86% to $76.44, compared to Friday's close. There was no settlement for WTI on Thursday as it was a U.S. public holiday.

Oil prices extended losses on Thursday as they slipped almost 1% on expectations that OPEC+ allies might not deepen production cuts next year after the producer group postponed its policy meeting.

On November 23, Brent crude futures fell almost 0.8% at $81.28 per barrel by 2024 GMT after declining as high as 4% on Wednesday.

The OPEC+ allies surprised the market with an announcement on Wednesday that it would postpone a ministerial meeting by four days to November 30, after producers struggled to come to an agreement on production levels.

As crude is hovering near its 4th weekly due to the delayed OPEC+ meet, Rahul Kalantri, VP Commodities, Mehta Equities commented, "Crude oil exhibited significant volatility, experiencing a further decline following the postponement of the OPEC+ policy meeting to November 30.

Disagreements among OPEC+ members regarding additional output cuts contributed to the downward pressure on crude oil prices. The U.S. weekly inventory data also played a role in the decline, with crude oil inventories increasing by 8.7 million barrels in the past week, surpassing the expected 0.9 million barrel rise. Additionally, the dollar index rebounded from a three-month low, exerting downward pressure on oil prices.

Anticipating ongoing volatility, we project that crude oil prices will remain unpredictable in today's session. The support for crude oil stands at $75.30-74.40, with resistance at $77.00-77.70 for today's session. In terms of Indian Rupees (INR), crude oil finds support at Rs 6,300-6,230 and faces resistance at Rs 6,460-6,540."

Declining Oil Prices Good News For India?

Earlier this week, the finance ministry said that a decline in international crude oil prices will help combat India's inflationary pressures going ahead.

The country's retail inflation in October eased to a four-month low of 4.87%, moving closer to the RBI's target of 4%.

According to government data, India's crude oil basket as of November 20, 2023, averaged $83.93 per barrel against $90.08 per barrel in October.

Check New Updates Petrol and diesel In Your City Today

In the national capital Delhi, the price of one litre of petrol and diesel is Rs 96.72 and Rs. 89.62 respectively.

1 litre of Petrol in Bangalore is retailing at Rs 101.94, while the same quantity of diesel is selling at Rs 87.89 in the city.

In Noida, 1 litre of petrol costs Rs 96.65, while the price of the same quantity of diesel is Rs 89.82. One litre of Diesel in Gurgaon retails at Rs 89.72, while the cost of one litre of Petrol in the city is Rs 96.84.

In Chennai, 1 litre of Petrol is retailing at Rs 102.75, while the same quantity of diesel is selling at Rs 94.34 in the city.