Oil Prices Edge Higher As Markets Ignore China Inflation Data; Check Updated Diesel, Petrol Price Here

Oil prices ticked higher on Thursday after slipping over 2% on Wednesday, the lowest in more than three months on concerns over weakening demand in the world's second-largest oil consumer China and the US. Today, Brent crude futures gained 0.8%, to $80.16 per barrel as of 0145 GMT, while US WTI crude futures were also up 0.8%, at $75.94 per barrel.

China released its key consumer price inflation (CPI) data on Thursday. The data showed that October CPI declined 0.2% year on year, while PPI data slipped 2.6% year on year.

Today's uplift in crude oil prices was seen as markets shrugged off deflationary indicators in China and awaited for more clues on the status of demand from the world's second-biggest oil consumers.

On Wednesday, Brent crude futures ended 2.5% lower to $79.54 a barrel, while US crude fell 2.6%, to $75.33.
In what is seen as a positive development for oil demand, China's central bank governor, Pan Gongsheng, stated that the country is likely to achieve its annual growth target of 5% for this year.

When it comes to the world's largest economy, the US, inventory data may suggest a weakening in demand. The US crude oil inventories rose by 11.9 million barrels over the week to November 3, said a Reuters report quoting sources citing American Petroleum Institute figures.

Meanwhile, the U.S. Energy Information Administration (EIA), however, has delayed the release of weekly oil inventory data until November 15 for a system upgrade.

Oil Prices in India:

To fulfill its energy needs India depends hugely on the import of crude oil. India which is the third-largest India has been increasing its oil supply from Russia since the Russia-Ukraine crisis, a large part of Indian imports still comes from West Asia.

Recently, Morgan Stanley noted that the Reserve Bank of India could restart its rate hike if Brent crude oil rises and stays above $110 a barrel, widening the country's current account deficit and hurting the domestic unit Indian rupee.

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 96.79, while the price of the same quantity of diesel is Rs 89.96. One litre of Diesel in Gurgaon retails at Rs 89.96, while the cost of one litre of Petrol in the city is Rs 97.10.

In Chennai, 1 litre of Petrol is retailing at Rs 102.63, while the same quantity of diesel is selling at Rs 94.24 in the city.