Oil Prices End Higher; Petrol, Diesel Price Revised In Various Metro Cities In India; Check Rates Here

Oil prices ended almost 2% higher on Friday as Iraq expressed support for OPEC+ countries' oil cuts prior to a meeting in two weeks and as market participants covered massive short positions ahead of weekend uncertainty.
Still, oil prices closed with weekly losses of 4%, their third consecutive weekly decline, reported Reuters.
Brent futures gained 1.8%, to end at $81.43 per barrel, while US West Texas Intermediate (WTI) crude rose 1.9% to $77.17.

Phil Flynn, an analyst at Price Futures Group was quoted by Reuters as saying, "This was the perfect technical storm. We came into this week with an almost record short position and now we're seeing some short covering going into the weekend."

In the US, the world's largest oil consumer, energy companies slashed the number of oil rigs operating for a second straight week to the lowest since January 2022, according to energy services firm Baker Hughes.

Lower-than-expected Chinese economic data this week raised concerns of faltering demand. Refiners in China, the largest buyer of crude asked for less supply of crude oil from Saudi Arabia, the world's largest exporter.

OPEC and its allies, including Russia, will meet on November 26 to decide on oil output.

Check New Updated Petrol and diesel In Different Indian Cities Here

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 89.76, while the cost of one litre of Petrol in the city is Rs 96.89.

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.