Crude oil prices fell slightly on Friday due to concerns about oversupply and weaker demand, which were magnified by a stronger US dollar. These concerns about oversupply and reduced demand overshadowed the impact of a drop in U.S. fuel stocks, contributing to the decline in oil prices. Brent crude futures dropped by 30 cents, or 0.41%, to $72.26 per barrel. U.S. West Texas Intermediate crude futures decreased by 25 cents, or 0.36%, to $68.45 per barrel.
In the week, Brent is expected to fall 2.2 per cent while WTI is set to decline 2.7 per cent. As per the Energy Information Administration (EIA) statistics, US crude oil inventories last week rose by 2.1 million barrels with the expectations for a 750,000-barrel rise. Simultaneously Gasoline stocks fell by 4.4 million barrels last week to the lowest since November 2022. Distillate stockpiles, which include diesel and heating oil, also fell unexpectedly by 1.4 million barrels, the data showed.
The International Energy Agency forecast global oil supply will exceed demand in 2025 even if cuts remain in place from OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, as rising production from the U.S. and other outside producers outpaces sluggish demand.
Check latest Petrol and Diesel prices at your place on 15 November 2024
Guwahati: Petrol price: Rs 98.08 per litre, Diesel price: Rs 90.33 per litre
Chennai: Petrol price: Rs 101.03 per litre, Diesel price: Rs 92.61 per litre
Gurgaon: Petrol price: Rs 95.11 per litre, Diesel price: Rs 87.97 per litre
Lucknow: Petrol price: Rs 94.69 per litre, Diesel price: Rs 87.81 per litre
Nashik: Petrol price: Rs 104.47 per litre, Diesel price: Rs 90.99 per litre
Kolkata: Petrol price: Rs 104.95 per litre, Diesel price: Rs 91.76 per litre
Bangalore: Petrol price: Rs 102.92 per litre, Diesel price: Rs 88.99 per litre
Jaipur: Petrol price: Rs 104.72 per litre, Diesel price: Rs 90.21 per litre
Surat: Petrol price: Rs 94.37 per litre, Diesel price: Rs 90.06 per litre
New Delhi: Petrol price: Rs 94.77 per litre, Diesel price: Rs 87.67 per litre
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