Crude oil prices increased marginally on December 23, after the release of US economic data showing a slowdown in inflation. Brent crude futures increased by 26 cents, or 0.4 per cent, and touched $73.20 per barrel. Similarly US West Texas Intermediate (WTI) futures climbed by 31 cents, or 0.5 per cent and reached $69.77 per barrel.
The report showed that monthly inflation slowed in November after showing little improvement in recent months. The personal consumption expenditures (PCE) price index rose 0.1 per cent last month after an unrevised 0.2 per cent gain in October.
Both oil benchmarks dropped by over 2 per cent last week, driven by concerns over global economic growth and oil demand after the U.S. central bank signaled a cautious approach toward further easing of monetary policy.
Rahul Kalantri, VP Commodities, Mehta Equities said,”Crude oil prices showed very high price volatility and extended its fall in the early trading session but prices recovered from their lows after profit taking in the dollar index and geo-political tensions. The dollar index slipped from 2-year highs and supported crude oil prices at lower levels. Crude oil prices also recovered amid escalation of tensions between Russia-Ukraine over the weekend after Russia fired missiles on Kyiv.”
He added,”However, higher U.S. gasoline stocks and Chinese demand worries are restricting gains of crude oil. We expect crude oil prices to remain volatile in today’s session. Crude oil is having support at $69.15-68.60 and resistance is at $70.30-71.00 today’s session. In INR crude oil has support at Rs 5,880-5,820 while resistance at Rs 6,020-6,100.”
Check latest Petrol and Diesel prices at your place on 23 December 2024
Bangalore: Petrol price: Rs 102.92 per litre, Diesel price: Rs 88.99 per litre
Gurgaon: Petrol price: Rs 95.07 per litre, Diesel price: Rs 87.93 per litre
Mumbai: Petrol price: Rs 103.50 per litre, Diesel price: Rs 90.03 per litre
Ludhiana: Petrol price: Rs 97.41 per litre, Diesel price: Rs 87.90 per litre
Guwahati: Petrol price: Rs 98.08 per litre, Diesel price: Rs 90.33 per litre
Pune: Petrol price: Rs 104.04 per litre, Diesel price: Rs 90.57 per litre
Ranchi: Petrol price: Rs 97.86 per litre,
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