Oil Prices Decline On Weak Chinese Data; Petrol, Diesel Price Hiked In Indian Cities, Check New Rates Here

Oil prices traded lower in early Asian trade on Thursday after the world's largest oil importer China released weaker-than-expected manufacturing data. China's official manufacturing PMI weakened to 49.4 in November from 49.5 in October.

Meanwhile, investors have also adopted a cautious attitude ahead of an OPEC+ meeting scheduled today where production cuts are expected. Some media reports suggest that the cut could be as much as 1 million barrels per day.

According to Reuters, Brent crude futures declined 0.3%, to $82.90 per barrel as of 0024 GMT, while US WTI crude futures fell 0.3% to $77.68 per barrel.

China's manufacturing activity contracted for a second consecutive month in November and at a faster pace than expected, according to an official factory survey. The latest data suggests that more policy support measures are required to help shore up economic growth in the country.

On Wednesday, the U.S. Energy Information Administration reported a surprise build in U.S. crude oil and distillate fuel stocks last week, highlighting weak demand. The data revealed that Gasoline stocks also saw higher-than-expected growth.

Oil prices rose over $1 per barrel on Wednesday as investors looked past a jump in US crude, gasoline, and distillate stockpiles on expectations of fresh supply cuts from OPEC+ allies.

Brent crude futures gained 1.7% to close at $83.10 per barrel, while US West Texas Intermediate (WTI) crude futures rose 1.9% to settle at $77.86 per barrel.

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.

One 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 96.76, while the price of the same quantity of diesel is Rs 89.93. One litre of Diesel in Gurgaon retails at Rs 89.91, while the cost of one litre of Petrol in the city is Rs 97.04.

In Chennai, 1 litre of Petrol is retailing at Rs 102.74, while the same quantity of diesel is selling at Rs 94.33 in the city.