Crude oil price increased in the early trade on December 31 amid the Chinese economic data showing increase in manufacturing activity in December. Brent crude futures increased 47 cents, or 0.7 per cent, to $74.46 per barrel. Similarly, US West Texas Intermediate (WTI) showed an up move of 49 cents, or 0.7 per cent to $71.48 per barrel.
Brent oil fell by 3.2 per cent and WTI dropped by 0.6 per cent for the year.
Despite the increase, oil prices were still expected to end lower for the second year in a row. This is mainly because people are worried about lower demand for oil in the world’s biggest oil-consuming countries.
Chinese authorities plan to issue a record 3 trillion yuan ($411 billion) in special bonds in 2025 to boost economic growth. While long-term demand concerns have kept oil prices low, short-term support may come from a drop in U.S. crude stockpiles, expected to have fallen by about 3 million barrels last week.
Both Brent and WTI prices rose after a larger-than-expected decrease in U.S. crude inventories during the week ending Dec. 20, driven by increased refining activity and higher fuel demand during the holiday season.
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 $70.75-70.10 and resistance is at $72.00-72.50 today’s session. In INR crude oil has support at Rs 6,040-5,970 while resistance at Rs 6,170-6,240.”
Check latest Petrol and Diesel prices at your place on 31 December 2024
Bangalore: Petrol price: Rs 102.92 per litre, Diesel price: Rs 88.99 per litre
Gurgaon: Petrol price: Rs 95.25 per litre, Diesel price: Rs 88.10 per litre
Mumbai: Petrol price: Rs 103.50 per litre, Diesel price: Rs 90.03 per litre
Ludhiana: Petrol price: Rs 97.18 per litre, Diesel price: Rs 87.68 per litre
Guwahati: Petrol price: Rs 98.08 per litre, Diesel price: Rs 90.33 per litre
Pune: Petrol price: Rs 103.89 per litre, Diesel price: Rs 90.43 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,
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