Oil Prices Rebound, All Eyes On OPEC+ Meet; Check Latest Petrol And Diesel Prices In Indian Cities Here

Oil prices edged higher on Tuesday breaking a multi-session losing streak ahead of the highly awaited OPEC+ meeting. The OPEC+ meeting is widely anticipated to deepen and extend cuts to oil production amidst concerns of supply being continuously higher than demand. OPEC+ allies are expected to hold an online ministerial meeting on November 30 to discuss production targets for 2024.

According to Reuters, Brent crude futures gained 0.6%, at $80.43 per barrel at 0152 GMT, while the West Texas Intermediate (WTI) crude futures were up 0.6%, at $75.28 per barrel, after witnessing a decline for three consecutive sessions.

OPEC+ allies refers to the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, will hold an online ministerial meeting on Nov. 30 to discuss production targets for 2024.

Last week, oil prices came under pressure after the group decided to postpone the meeting to resolve disagreements over production targets for African producers.

According to a Reuters report quoting four OPEC+ sources, the group has moved closer to a compromise, potentially helping de facto leader Saudi Arabia edge closer to consensus on deepening oil output cuts.

Commenting on oil prices, Rahul Kalantri, VP Commodities, Mehta Equities Ltd said, "Crude oil prices extended their fall ahead of the OPEC+ meetings scheduled on 30th November. OPEC+ members are showing disagreement on further output cuts.

After the delayed OPEC+ meeting, crude oil prices showed weakness in the international markets. Crude oil prices also fell amid downbeat October U.S. new home sales data. The U.S. weekly crude oil inventories also rose by 8.7 million barrels in the last week and also pushed oil prices lower. However, better than expected British flash manufacturing PMI data and rebound in the pound sterling and the euro supported oil prices at lower levels.

We expect crude oil prices to remain volatile this week amid volatility in the dollar index and ahead of OPEC+ meetings. Crude oil is having support at $75.30-74.40 and resistance is at $77.00-77.70 for today's session. In INR terms, crude oil has support at Rs 6,210-6,150 while resistance is at Rs 6,380-6,440."

China raises fuel oil import quotas by 3 mln tons

According to a notice released by the country's Ministry of Commerce on Monday, China, the second largest oil consumer in the world has reportedly issued an additional 3 million metric tons in fuel oil import quotas in 2023 for non-state firms.

The extra quota takes the total for 2023 to 19.2 million tons, following the 16.2 million tons in non-state fuel oil import quotas issued at the start of the year.

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 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.

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.