Crude oil prices were slightly down due to multiple factors on December 3. The street is watching out for the decision of the OPEC+ meeting this week on December 5. Today, Brent crude futures were down by 9 cents, or 0.13 per cent and touched $71.74 per barrel. Similarly, US West Texas Intermediate (WTI) crude oil fell 14 cents, or 0.21 per cent, to $67.96.
Oil prices are also under pressure on concerns that the U.S. Federal may not lower interest rates further at its meeting in December. Higher interest rates can reduce demand for oil. At the same time, there were some positive signs from China, where economic activity improved, but these weren’t enough to push oil prices up. As a result, oil prices dropped by over 3 per cent last week in both the U.S. and Europe.
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Mohammed Imran, Research Analyst, Mirae Asset Sharekhan, said, “U.S. West Texas Intermediate crude was at $68.58 a barrel, up 58 cents, or 0.85%, during the European market hours. Oil prices are also supported by the optimism surrounding extension of production cuts from OPEC+ members until March 2025, to balance out the global market from supply glut.”
OPEC+ a group of oil producing nations with Russia as its allies produce around half of the world’s oil. The group planned to remove the restriction on oil production in the first quarter of 2025, but the over supply of crude oil has burdened crude oil prices and might lead to the continuation of production cuts.
Check latest Petrol and Diesel prices at your place on 3 December 2024
Bangalore: Petrol price: Rs 102.92 per litre, Diesel price: Rs 88.99 per litre
Gurgaon: Petrol price: Rs 95.25 per litre, Diesel price: Rs 88.10 per litre
Mumbai: Petrol price: Rs 103.50 per litre, Diesel price: Rs 90.03 per litre
Ludhiana: Petrol price: Rs 97.62 per litre, Diesel price: Rs 88.10 per litre
Guwahati: Petrol price: Rs 98.08 per litre, Diesel price: Rs 90.33 per litre
Pune: Petrol price: Rs 104.73 per litre,
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