Petrol prices remained steady on the third trading day of the week after a rise of 5 consecutive days. At the same time, there was no change in the price of diesel for the third consecutive day. According to the website of Indian Oil, the price of petrol in Delhi, Kolkata, Mumbai and Chennai is at Rs 74.76, Rs 77.44, Rs 80.42 and Rs 77.72 per liter respectively. At the same time, the price of diesel has remained at Rs 65.73, Rs 68.14, Rs 68.94 and Rs 69.47 per liter respectively without any change in the four metros.
Meanwhile, in the international market, the price of crude oil is also seen softening for the second consecutive day. In the February contract for the benchmark crude oil Brent crude on the market Intercontinental Exchange was trading at $ 62.98 a barrel, down 0.22 percent on Wednesday. At the same time, on the New York Mercantile Exchange, American light crude was trading at $ 58.19 a barrel with a softness of 0.38 per cent in January contract of West Texas Intermediate.
What experts say
Anuj Gupta, deputy vice president of Angel Broking, told news agency IANS that the price of crude oil has slowed due to reports of an unprecedented increase in crude oil reserves in the US. According to the report of the American Petroleum Institute, the crude oil reserves in the US increased by 3.6 million barrels to 449.6 million barrels last week.
However, the market is still waiting for the report of the American Agency for Information Administration (EIA). However, efforts are being made to resolve trade issues between the US and China, oil price can get support. Along with this, the decision to continue further cuts in oil production is expected to be taken at the OPEC meeting in Vienna on December 5-6 next month, which may see a rise in the price of crude oil.
Disha Brahman is a financial reporter, focusing on technology and national security. Before joining Exports India, Disha worked as a staff writer at Fast Company and spent two years as a foreign correspondent in London. Her work has been published on NBR, Business Insider, Medium and many other outlets.