Crude oil prices gained on Friday on supply worries after escalation of Russia-Ukraine conflict. This raises the likelihood of stringent supplies of Crude Oil. Brent Crude Futures gained 14 cents or 0.2 per cent to $74.37 per barrel. Similarly, US West Texas Intermediate (WTI) futures soar 17 cents or 0.2 per cent to $70.27 per barrel.
Russia’s President Vladimir Putin stated that the ballistic missile attack was a retaliatory measure in response to Ukraine’s usage of weapons made in the US and Britain. Russia used a new kind of hypersonic medium-range ballistic missile at a Ukrainian military facility, with a sign of warning for further retaliation. Russia stands with the world’s top crude oil producing countries, even after the imposition of sanctions, it produced about 9 million barrels of oil a day for this month.
Also ReadGold rate today on November 22 in Delhi, Mumbai, Kolkata, Chennai: Here are latest gold, silver prices in your city
The increase in US crude oil and Gasoline stocks supplies have limited the spike in prices but the overall sentiment of uncertainty led to the increase. This week crude rose by 545,000 barrels in the week to November 15, to 430.3 million barrels and gasoline inventories by 2.1 million barrels to 208.9 million barrels.
Rahul Kalantri, VP Commodities, Mehta Equities said, “this upward momentum is tempered by a rise in U.S. crude oil inventories last week, alongside an unexpected increase in gasoline stocks. Additionally, the dollar index surged to a two-year high, reflecting global uncertainties, which further capped crude oil’s gains. For today’s session, we anticipate continued volatility in crude oil prices. WTI has support at $69.85–$69.10 and resistance at $70.85–$71.25. In INR terms, crude oil finds support at ₹5,855–₹5,780, with resistance at ₹5,990–₹6,040.”
Also ReadRupee slips to all-time lows on renewed seling by FIIs
Check latest Petrol and Diesel prices at your place on 22 November 2024
Guwahati: Petrol price: Rs 98.08 per litre, Diesel price: Rs 90.33 per litre
Chennai: Petrol price: Rs 100.90 per litre, Diesel price: Rs 92.61 per litre
Gurgaon: Petrol price: Rs 95.25 per litre, Diesel price: Rs 88.10 per litre
Lucknow: Petrol price: Rs 94.69 per litre,
» Read More
