Petrol, Diesel Price Today 8 November 2024: Crude oil prices were marginally down on November 8 as per the risk that a hurricane in the Gulf of Mexico would affect the oil and gas output. However, it is still to be known how Donald Trump’s policies could affect the supplies. Brent Crude Oil futures were down by 26 cents, or 0.3 per cent to $75.37 per barrel. In contrast, the U.S. West Texas Intermediate (WTI) crude showed an up move of 35 cents or 0.5 per cent to $72.01. The rise today was comparatively less from 1 per cent on Thursday.
In this week, Brent is likely to gain 3.1 per cent, while WTI is expected to rise 4.1 per cent. Hurricane Rafael has closed down the production of 391,214 barrels per day of US crude oil. It is forecast to weaken from friday and through the weekend as per the US National Hurricane Center. The price were corrected on Friday after gaining support on Thursday due to the expectations that Trump’s administration may put strict sanctions on Iran and Venezuela, which could limit supply, though a strong dollar and lower crude imports in China capping gains.A strong dollar makes oil more expensive for other currency holders and tends to weigh on prices.
According to Rahul Kalantri, VP Commodities, of Mehta Equities “Crude oil exhibited significant volatility, rebounding sharply after a steep decline in the previous session, following Donald Trump’s victory in the U.S. Presidential elections. Oil prices surged as the U.S. Federal Reserve cut interest rates by 25 basis points, boosting expectations for a revival in oil demand. The dollar index and U.S. 10-year bond yields retreated from four-month highs, further supporting oil prices. The market sentiment anticipates that the incoming Trump administration may impose stricter sanctions on Iran due to its conflict with Israel, potentially driving oil prices higher. We expect crude oil prices to remain volatile this week, influenced by fluctuations in the dollar index, geopolitical tensions, and the lead-up to the U.S. Presidential elections.”
Check latest Petrol and Diesel prices at your place on 8 November 2024
Noida: Petrol price: Rs 94.87 per litre, Diesel price: Rs 88.01 per litre
Mumbai: Petrol price: Rs 103.44 per litre,
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