Oil Prices Rebound Slightly After Ending Below $82/Barrel, Check Latest Diesel, Petrol Price In Indian Cities

Oil prices plummeted to their lowest in over three months on Wednesday, after industry data revealed a stark build in US crude supplies, while mixed Chinese economic data raised concerns about global demand for crude.

Brent crude futures fell 25 cents to $81.36 per barrel as of 0001 GMT, while US crude futures were down 35 cents to $77.02 per barrel, according to Reuters. Both benchmarks fell to the lowest since July 24 in early Asia trade.

However, the price of oil stuttered later on Wednesday.

Brent crude futures edged slightly higher by 4 cents to $81.65 per barrel by 0333 GMT, while US crude futures were trading at $77.24 a barrel.

According to Reuters, there will be a delay in the release of weekly inventory data by the U.S. Energy Information Administration (EIA) until the week of November 13.

On Tuesday, the EIA reportedly said that Crude oil production in the US this year will rise by slightly less than earlier expected while demand will fall.

Data in China, the world's biggest consumer of oil, also raised doubts about the demand outlook.

On Tuesday, Oil prices fell over 4% to their lowest since late July, as mixed Chinese economic data and rising OPEC exports cooled off fears about tight markets amidst a strong US Dollar.

Brent crude futures ended below $84 for the first time since the conflict between Hamas and Israel started on October 7. The global benchmark ended 4.2% lower at $81.61 per barrel, while US West Texas Intermediate (WTI) crude futures closed 4.3% lower at $77.37 per barrel.

How does any rise or dip in oil prices impact the Indian economy?

The ongoing Israel-Hamas conflict can be a reason for the Indian government to worry as the war will have a potential impact on oil prices. India is the third-largest oil consumer in the world and depends heavily on the import of crude oil to meet its energy needs. Though 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.

As per the industry figures shared by Reuters, between April and September 2023, 44% of Indian oil imports were from West Asia.

Experts in India are concerned that the ongoing conflict could bring fresh global gusts for the Indian economy, as the surge in oil prices elevates import costs and costs of foodstuffs and other commodities ultimately resulting in higher inflation.

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 96.79, while the price of the same quantity of diesel is Rs 89.96. One litre of Diesel in Gurgaon retails at Rs 89.80, while the cost of one litre of Petrol in the city is Rs 96.93.
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.