Crude oil prices rose slightly in early trade on December 11, 2024, continuing a bullish trend seen in the previous session. Brent crude futures gained 10 cents (0.14%) to hit $72.29 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose 9 cents (0.13%) to hit $68.68 a barrel.
The price increase comes amid growing expectations that China’s oil demand will increase next year. The Chinese government recently announced plans to ease lending conditions for individuals and companies, in a bid to boost the economy.
Sriram Iyer, senior research analyst at Reliance Securities, said: “Crude oil and gasoline prices posted modest gains on hopes of a Chinese government stimulus and ongoing unrest in the Middle East. Meanwhile, data from the American Petroleum Institute (API) showed that US crude inventories rose by 0.499 million barrels in the week ended December 6, 2024, after rising by 1.232 million barrels in the previous week.
The rise in oil prices is being driven by expectations of higher demand from China, the world’s largest oil importer, and concerns about a possible oil shortage in Europe this winter. This sentiment outweighed domestic concerns, such as the situation in Syria. Brent crude ended Tuesday’s session at 72.19 per barrel (up 5 cents), while US WTI closed at 68.59 per barrel (22 cents).
Earlier this week, China announced its first easing of monetary policy in 14 years, aimed at boosting economic growth by 2025.
Oil inventories update for the week ending December 6, 2024, showed U.S. crude oil inventories rose by 499,000 barrels. Gasoline inventories rose by 2.85 million barrels, while distillate stocks, which include diesel, rose by 2.45 million barrels.
Fuel price update December 11, 2024
As of December 11, here are the prices of petrol and diesel in major cities of India:
New Delhi:
Petrol: ₹94.77 per liter , Diesel: ₹87.67 per liter
Kozhikode:
Petrol: ₹106.12 per liter, Diesel: ₹95.11 per liter
Chennai:
Petrol: ₹100.90 per liter, Diesel: ₹92.49 per liter
Mumbai:
Petrol: ₹103.50 per liter, Diesel: ₹90.03 per liter
Lucknow:
Petrol: ₹94.69 per liter, Diesel: ₹87.81 per liter
Bengaluru:
Petrol: ₹103.02 per liter, Diesel: ₹89.09 per litre
Hyderabad:
Petrol: ₹107.46 per litre, Diesel: ₹95.70 per litre
Bhubaneswar:
Petrol: ₹103.54 per litre, Diesel: ₹94.76 per litre
Shimla:
Petrol: ₹94.65 per litre, Diesel: ₹86.94 per litre
Surat:
Petrol: ₹94.57 per litre, Diesel: ₹90.26 per litre
Noida:
Petrol: ₹95.05 per litre, Diesel: ₹88.19 per litre
Vadodara:
Petrol: ₹94.15 per litre, Diesel: ₹89.82 per litre
Conclusion
Crude oil prices show modest gains, driven by expectations of higher demand from China and and ongoing market concerns about national tensions and potential shortages. For consumers, fuel prices across India continue to reflect these market trends, with variations depending on location.