Oil Price Likely To High Up Ahead China’s Border Opening; Indian Rates Still Constant

Oil Price slightly to high up today ahead of China’s reopening of borders. Reopening of borders lifted the fuel demand outlook and partly offset concerns of global recession. The oil price remain constant today for the 233^rd day in a row on Monday, 9 January 2023 in India.

Crude Oil Price To Increase

Brent crude futures had risen 53 cents, or 0.7%, to $79.10 a barrel by 0114 GMT while U.S. West Texas Intermediate crude was at $74.23 a barrel, up 46 cents, or 0.6%.

Hopes for less-aggressive U.S. interest rate rises are buoying financial markets and depressing the dollar. A weaker greenback makes dollar-denominated commodities more affordable for investors holding other currencies.

Brent and WTI tumble more than 8 per cent last week. It is the biggest weekly dives at the start of a year since 2016.

According to CMC Markets analyst Tina Teng said, “Crude oil futures had their biggest weekly losses in a month due to recession fears as oil prices have been positively correlated with inflation since 2022, though China’s reopening may buffer the decline in the near term.”

China, the world’s second-biggest oil consumer, opened its borders on Saturday for the first time in three years, buoying the outlook for its demand for transportation fuels.

Fuel Rates In India

The petrol and diesel prices remain constant today for the 233^rd day in a row on Monday, 9 January 2023.

Despite of unchanged rates, crude oil has seen several variations, the price of Brent crude has fallen by about $3. Prices of petrol and diesel issued by government oil companies and today oil has become cheaper in many cities.

Union FM Nirmala Sitharaman on May 21th 2022, reduced the excise duty on petrol by ₹8 per litre and on diesel by ₹6 per litre across the entire country. In Delhi, the cost of petrol is ₹96.72 and that of diesel is ₹89.62 a litre, respectively. Petrol costs ₹106.31 per litre in Mumbai while diesel costs ₹94.27.

Petrol & Diesel Rates In The Cities

Amid the constant fuel prices, cities like Mumbai and the national capital Delhi has Petrol rates at Rs 106.31 per litre and Rs 96.72 per litre respectively. Diesel costs about Rs 94.27 per litre and Rs 89.62 per litre respectively.

In Kolkata, the cost of petrol is ₹106.03 and that of diesel is ₹92.76 a litre, respectively. Petrol costs ₹102.63 per litre in Chennai while diesel costs ₹94.24. In Bengaluru, it’s ₹101.94 for a litre of petrol and ₹87.89 for a litre of diesel.

Also Read: 8 January 2023: Crude Oil Price Decrease In International Market; Oil Rates Stable In India

-Bharat Express