Crude oil prices edged up on January 8 amid supply concerns from Russia and OPEC members. Brent crude showed an up move of 32 cents, or 0.42 per cent and touched $77.37 per barrel. Similarly, US West Texas Intermediate (WTI) increased by 42 cents or 0.57 per cent and reached $74.67.
Another reason that bolstered the crude oil price was the US job opening and labor turnover summary (JOLTS), which showed an increase in the US jobs openings indicating the expansion of economic activity leading to a growth in oil demand.
Oil production from the Organization of the Petroleum Exporting Countries (OPEC) declined in December, following two months of increases, according to a Reuters survey. Maintenance work in the United Arab Emirates (UAE) counterbalanced a rise in output from Nigeria and other gains within the organization.
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 $73.50-72.90 and resistance is at $74.60-75.10 today’s session. In INR crude oil has support at Rs 6,320-6,250 while resistance at Rs 6,480-6,540.”
He added,”Oil prices have recently risen as a result of tighter global supplies caused by escalating Western sanctions on Russia and Iran, which has boosted demand for Middle Eastern oil.”
Check latest Petrol and Diesel prices at your place on 8 January 2025
New Delhi: Petrol price: Rs 94.77 per litre, Diesel price: Rs 87.67 per litre
Ranchi: Petrol price: Rs 97.86 per litre, Diesel price: Rs 92.62 per litre
Pune: Petrol price: Rs 104.29 per litre, Diesel price: Rs 90.81 per litre
Gurgaon: Petrol price: Rs 95.25 per litre, Diesel price: Rs 88.10 per litre
Chandigarh: Petrol price: Rs 94.30 per litre, Diesel price: Rs 82.45 per litre
Guwahati: Petrol price: Rs 98.08 per litre, Diesel price: Rs 90.33 per litre
Bhopal: Petrol price: Rs 106.52 per litre, Diesel price: Rs 91.89 per litre
Nashik: Petrol price: Rs 104.75 per litre, Diesel price: Rs 91.26 per litre
Bangalore: Petrol price: Rs 102.92 per litre, Diesel price: Rs 88.99 per litre
Kolkata: Petrol price: Rs 105.01 per litre, Diesel price: Rs 91.82 per litre
Patna: Petrol price: Rs 105.73 per litre,
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