Crude oil prices dropped slightly on December 16 after reaching their highest levels in weeks. Brent crude futures declined by 21 cents or 0.3 per cent and touched $74.28 per barrel. Similarly, US West Texas Intermediate crude dropped by 30 cents or 0.4 per cent and reached $70.99 per barrel.
Investors were waiting for the Federal Reserve meeting later that week to see if the U.S. central bank would signal more interest rate cuts. The drop in both the benchmarks came after reaching the highest level on November 22, for Brent crude futures at $75.42 and $72.88 on November 7, for US WTI.
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Oil prices surged last week, due to a combination of new European Union sanctions on Russian oil, heightened concerns over Iranian supply disruptions, and expectations of interest rate cuts by major central banks.
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The new sanctions against Russian oil come as part of an ongoing effort to weaken Moscow’s war efforts in Ukraine, while the U.S. is considering additional steps, including potential sanctions on Chinese banks that facilitate the trade of Russian oil.
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Meanwhile, recent U.S. sanctions targeting entities trading Iranian oil are contributing to rising prices for the crude sold to China, with prices reaching their highest levels in years. Oil prices were also supported by significant interest rate cuts by central banks in Canada, Europe, and Switzerland last week.
Check the Petrol and Diesel price today for major cities. Here is the list:
Check latest Petrol and Diesel prices at your place on 16 December 2024
Bangalore: Petrol price: Rs 102.92 per litre,
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