Crude oil prices saw some moderation on December 30 amidst low-volume trade due to the ongoing year-end holidays. All eyes are on economic data from China and USA. Brent Crude futures fell 6 cents and touched $74.11 per barrel. Similarly, US West Texas Intermediate (WTI) showed a down move of 8 cents and reached at $70.52 per barrel.
However, both the benchmarks Brent crude and US WTI increased about 1.4 per cent in the last week, bolstered by a major drop in U.S. oil stocks inventories during the week ending December 20. The drop happened because refineries were producing more fuel, and there was higher demand for fuel during the holiday season.
Oil prices were also boosted by positive expectations for China’s economic growth next year. This growth could lead to higher demand for oil, since China is the world’s biggest importer of crude oil. To help boost its economy, Chinese officials have decided to issue a large amount of special treasury bonds, totaling 3 trillion yuan ($411 billion) in 2025.
Rahul Kalantri, VP Commodities, Mehta Equities said,”We expect crude oil prices to remain volatile in today’s session. Crude oil is having support at $69.75-69.10 and resistance is at $71.00-71.50 today’s session. In INR, crude oil has support at Rs 5,980-5,910 while resistance at Rs 6,120-6,180.”
Check latest Petrol and Diesel prices at your place on 30 December 2024
Bangalore: Petrol price: Rs 102.92 per litre, Diesel price: Rs 88.99 per litre
Gurgaon: Petrol price: Rs 94.96 per litre, Diesel price: Rs 87.82 per litre
Mumbai: Petrol price: Rs 103.50 per litre, Diesel price: Rs 90.03 per litre
Ludhiana: Petrol price: Rs 97.25 per litre, Diesel price: Rs 87.74 per litre
Guwahati: Petrol price: Rs 98.08 per litre, Diesel price: Rs 90.33 per litre
Pune: Petrol price: Rs 104.87 per litre, Diesel price: Rs 91.37 per litre
Ranchi: Petrol price: Rs 97.86 per litre, Diesel price: Rs 92.62 per litre
New Delhi: Petrol price: Rs 94.77 per litre, Diesel price: Rs 87.67 per litre
Srinagar: Petrol price: Rs 99.64 per litre, Diesel price: Rs 84.82 per litre
Surat: Petrol price: Rs 94.32 per litre,
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