Crude oil prices were slightly up on December 24 with low trading due to the Christmas holiday next day. Brent crude futures increased by 33 cents or 0.45 per cent and touched $72.95 per barrel. Similarly, US West Texas Intermediate (WTI) showed an up move of 29 cents, or 0.42 per cent and reached $69.53 per barrel.
The economic data from the US indicated a slowdown in inflation and an increase in the oil demand from India bolstered the price hike. In November, orders for machinery went up, and home sales improved, showing the U.S. economy is strong. Since the U.S. uses the most oil, this also helps increase oil demand.
Sriram Iyer, Senior Research Analyst at Reliance Securities said,” Crude oil prices settled mixed with NYMEX easing and Brent ending flat on Monday. Stronger Dollar and global political uncertainty kept upside capped in crude. NYMEX and Brent crude oil prices have started flat on Tuesday morning in Asian trading.”
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He added,”It could be a lacklustre day of trade as most markets will be shut on Wednesday on account of Christmas holiday. Intraday, the NYMEX WTI February futures could trade in band of $68.40 to $70.40, while MCX January crude futures could trade within 5,825 to 5,995.”
In the Middle East, a new effort by mediators from Egypt, Qatar, and the U.S. to end the fighting between Israel and Hamas has gained momentum this month, with the gap between the parties narrowing.
Check latest Petrol and Diesel prices at your place on 24 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,
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