Brent crude futures were down 17 cents, or 0.2%, at $86.00 a barrel. U.S. West Texas Intermediate (WTI) crude was down 19 cents, or 0.2 percent, at $82.73 a barrel. Both futures had gained nearly $1 the previous day.
“Oil prices are likely to rise further as China’s economy slowly recovers and fuel demand concerns remain,” said Chioqi Chen, chief analyst at Sunward Trading.
In addition, worries about falling demand in the US and Europe due to rising interest rates are also weighing on the oil market. Chen also noted that WTI would later trade between $75 and $85 a barrel this month.
Both benchmarks posted their sixth consecutive weekly gain last week. This is after the longest weeks from December 2021 to January 2022. The rise was helped by supply cuts by OPEC countries and the alliance and stimulus measures to revive oil demand in China.
China’s July crude oil imports fell 18.8% from the previous month to their lowest daily rate since January as major exporters cut foreign exports and built domestic stocks.
China’s imports fell 12.4% overall in July. The decline was sharper than the expected 5% decline. Exports fell by 14.5%.
Meanwhile, US crude oil production rose by 850,000 barrels per day (bpd) on Tuesday, according to the US Energy Information Administration’s (EIA) monthly report. In 2023, it rose to a record high of 12.76 million bpd. This surpassed the last record of 12.3 million bpd.
Saudi Arabia, the world’s top exporter, announced last week that it would extend output cuts of 1 million bpd until the end of September. Russia also said it would cut oil exports by 300,000 bpd in September.
Meanwhile, India’s crude oil imports from global exporter Saudi Arabia fell 34% in July.
India imported 484,000 bpd from Saudi Arabia in July. It was 734,000 bpd in June. Russia has once again become the largest supplier of crude oil to India. Importing 1.9 million bpd, Russia overtook Saudi Arabia and supplies from Iraq.
Today’s Fuel Price
There has been no change in the price of petrol and diesel in the country today. per liter of petrol in New Delhi 96.72And for diesel, Rs 89.62and Rs. For petrol in Mumbai 106.31And for diesel, Rs 94.27Should also pay Rs. For petrol in Kolkata 106.03Diesel price is Rs 92.76and Rs.
There is no change in the situation in Kerala either. Petrol diesel prices are fixed. However, depending on various factors, there may be minor changes in the fuel prices from state to state.
per liter of petrol in Thiruvananthapuram 110.02And for diesel, Rs 98.80and Rs. For petrol in Kochi 108.15Diesel price is Rs 97.04Should also pay Rs. Kozhikode for a liter of petrol 108.41And for diesel, Rs 97.32Today’s price is Rs.
Today’s exchange rate
The Indian rupee is expected to face a decline in early trade on Wednesday as the dollar index rose as risks weakened in the US.
The rupee has weakened slightly against the US dollar from last session’s closing rate of 82.92. Currently 10% off 82.82Exchange is done in Rs.
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