Oil Prices Ease As Investors Await Key China Data; Check Latest Petrol, Diesel Price In Indian Cities Here

Oil prices saw some relief on Tuesday on concerns over weak demand in the world's second-largest oil consumer China, with investors keenly awaiting trade data due later today to gauge demand from Beijing.

Brent crude futures slipped 0.3%, to $84.95 per barrel by 0127 GMT, while US West Texas Intermediate (WTI) crude was also down 0.3% at $80.59 per barrel.

With today's ease in prices, Oil prices shedmost of the gains from the previous day when the two benchmarks rose almost 30 cents after top exporters Saudi Arabia and Russia confirmed that they would stick to extra voluntary oil production cuts until the end of the year.

China is scheduled to release its import and export figures for October on Tuesday at 0300 GMT, while the key consumer price inflation (CPI) data is due on Thursday.

According to a Reuters report citing a source at the Ministry of energy, Saudi Arabia reaffirmed on Sunday that it would stick with its additional voluntary cut of 1 million barrels per day (bpd) translating into production of about 9 million bpd for December.

The report said that Moscow also announced it would continue its additional voluntary supply cut of 300,000 bpd from its crude oil and petroleum product exports until the end of this year.

Price of Russian oil for India eased in September vs Aug, says Govt data

The average landed price of Russian oil for Indian refineries in September eased compared to the month of August, according to the Indian government data, suggesting widening discounts.

Spot discounts for Russian crude in September started to widen as Indian refiners lowered purchases in the wake of high prices and maintenance outages, Reuters reported in August.

India purchased Russian oil at an average price of around $81.7 a barrel, compared to almost $86 per barrel in August, according to Reuters' calculations based on the latest data available on the Indian Trade Ministry's website.
India hugely relies on oil imports to fulfill over 80% of its overall oil needs and rarely purchased Russian oil in the past because of high transportation costs.

Petrol Prices Revised In Certain Indian Cities today, Check the Latest 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 97.00, while the price of the same quantity of diesel is Rs 90.14. One litre of Diesel in Gurgaon retails at Rs 89.76, while the cost of one litre of Petrol in the city is Rs 96.89.