Crude prices rise in domestic market; Check petrol, diesel rates today on January 9 in Bengaluru, Mumbai, Hyderabad and Guwahati

Crude oil remained stable. Brent Crude futures showed a down move of 6 cents and touched $76.1 per barrel. Similarly, US West Texas Intermediate crude futures were down by 5 cents and reached $73.27. 

There were strong expectations of increased demand for winter fuel, particularly due to colder weather in the Northern Hemisphere, that usually drives up the need for heating oil and other energy products. But this was offset by concerns about rising fuel inventories in the United States, the world’s largest oil consumer, which suggests that supply might be outpacing demand. 

In the domestic market crude oil prices rose by Rs 4 to Rs 6,290 per barrel on Thursday in futures trading, as market participants increased their positions due to strong spot demand. On the Multi Commodity Exchange, crude oil for February delivery was up by Rs 4, or 0.06 per cent, trading at Rs 6,290 per barrel across 2,345 lots.

Also Read Rupee touches record low in 2024, but volatility stays low, says CareEdge Ratings Rupee slips to record lows of 85.35 amid strong dollar, FII outflows and rising crude prices Weak rupee to jack up key import bills Indian Oil Corporation Share Price Today Highlights, 26 Dec, 2024: Indian Oil Corporation closes 0.28% lower

The U.S.  Energy Information Administration (EIA) recently reported an increase in gasoline and distillates stockpiles in the United States, which could ease concerns over supply constraints in the short term. On Wednesday, both benchmarks Brent crude and US WTI also moved down more than 1 per cent due to a stronger dollar and a rise in U.S fuel inventories. 

Meanwhile, the U.S. dollar continues to strengthen, bolstered by rising Treasury yields. The dollar’s strength comes ahead of President-elect Donald Trump’s entry into the White House on January 20, with market participants closely monitoring potential fiscal policies and economic stimulus measures

Kaynat Chainwala, AVP-Commodity Research, Kotak Securities said,”WTI crude oil experienced volatile movements, closing 1% lower, pressured by a smaller-than-expected draw in oil stocks and a significant rise in U.S. fuel inventories. The EIA reported an estimated inventory draw of 1 million barrels for the first week of 2025, while gasoline and distillates stocks increased by 6.3 and 6.1 million barrels, respectively. Additionally, a stronger U.S. dollar weighed on oil prices, pushing them toward $73 per barrel.”

He added,”Today,

 » Read More

Related Articles

JB Pharma is riding the CDMO Opportunity. Jefferies reiterates buy…

Jefferies has maintained a Buy on JB Pharma with a revised target price of Rs 2,310. The stock currently trades at Rs 1,714/share implying an 34% upside. This new target price is just a shade lower than the previous target price of Rs 2,340. According to Jefferies, an international brokerage house, the growth drivers are

Two banking stocks to watch ahead of the RBI Policy

By Kiran Jani Bank Nifty reached its all-time high of 54,467 in September 2024. Following this peak, the index experienced a correction, dipping to 47,844 in January 2025—a decline of 7.29%. Despite this pullback, Kotak Bank and ICICI Bank showed relative resilience, delivering returns of 1.61% and -4.20%, respectively, during the same period. Source: Investing.com

New Tax Regime: These deductions, exemptions still available for you

The Indian government introduced a new tax regime in 2020, offering lower tax rates while removing several exemptions and deductions available under the old system. Initially optional, this regime became the default in 2023, requiring taxpayers to opt out if they wished to continue under the old structure. Despite the removal of many benefits, certain

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
0FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles

JB Pharma is riding the CDMO Opportunity. Jefferies reiterates buy…

Jefferies has maintained a Buy on JB Pharma with a revised target price of Rs 2,310. The stock currently trades at Rs 1,714/share implying an 34% upside. This new target price is just a shade lower than the previous target price of Rs 2,340. According to Jefferies, an international brokerage house, the growth drivers are

Two banking stocks to watch ahead of the RBI Policy

By Kiran Jani Bank Nifty reached its all-time high of 54,467 in September 2024. Following this peak, the index experienced a correction, dipping to 47,844 in January 2025—a decline of 7.29%. Despite this pullback, Kotak Bank and ICICI Bank showed relative resilience, delivering returns of 1.61% and -4.20%, respectively, during the same period. Source: Investing.com

New Tax Regime: These deductions, exemptions still available for you

The Indian government introduced a new tax regime in 2020, offering lower tax rates while removing several exemptions and deductions available under the old system. Initially optional, this regime became the default in 2023, requiring taxpayers to opt out if they wished to continue under the old structure. Despite the removal of many benefits, certain

Range bound session: Nifty ends above 23,600, Sensex holds 78,000 led by Adani Ports, Infosys

The stock markets faced a downturn on Thursday, with major indices closing in the red. The BSE Sensex dropped by 213.12 points or 0.27%, ending the day at 78,058.16, while the NSE Nifty 50 saw a decline of 70.15 points, down by 0.3%, and closed at 23,626.15. The Nifty Bank index also ended the day

IT stocks stable as Cognizant raises annual and quarterly revenue guidance

Shares of Indian IT companies are in the spotlight today after the Nasdaq-listed IT services major Cognizant Technology Solutions, reported its Q4 results that exceeded Wall Street expectations. The Nifty IT Index as well as individual tech counters like Infosys, Wipro, Tech Mahindra and HCL Tech are all in the green even as the markets