Business Desk – Crude Oil Price Today: In the international market on Friday, November 13, the prices of crude oil remained above $ 95 per barrel. The market continues to fluctuate due to increasing tensions in the Middle East and risks related to oil supply. Around 8:12 am, Brent crude was trading at $95.41 per barrel and US WTI crude at $88.52 per barrel.
There was a rise in crude oil on the domestic futures market MCX also. At 10:18 am, its November contract rose by Rs 32, or 0.39%, to Rs 8,332 per barrel. Its price in the last trading session was Rs 8,300. However, crude oil in the international market is moving towards the second consecutive weekly decline this week.
Petrol and diesel prices in big cities including Delhi and Mumbai
Despite fluctuations in international prices of crude oil, prices of petrol and diesel remained stable in major cities of the country on Friday. In Delhi, petrol is being sold at Rs 102.12 and diesel at Rs 95.20 per litre.
The price of petrol in Mumbai is Rs 111.21 and diesel is Rs 97.83 per liter. In Kolkata, petrol is priced at Rs 113.51 and diesel at Rs 99.82 per liter. In Chennai, petrol is available at Rs 107.76 and diesel at Rs 99.55 per litre.
In Bengaluru, petrol is priced at Rs 111.68 and diesel at Rs 99.56 per litre. Petrol in Hyderabad is Rs 115.69 and diesel is Rs 104.40 per liter. In Lucknow, petrol is being sold at Rs 101.89 and diesel at Rs 95.36 per litre.
In Jaipur petrol is Rs 113.19 and diesel Rs 98.25, while in Patna petrol is Rs 113.37 and diesel Rs 99.36 per litre. In Noida, petrol is Rs 101.96 and diesel is Rs 95.44 per liter.
US-Iran tension likely to impact oil supply
The main reason for fluctuations in crude oil prices is the ongoing conflict in the Middle East. US President Donald Trump has indicated that America can continue its strategy even without a deal with Iran. Due to this, the hope of reducing tension between the two countries has weakened.
Meanwhile, Yemen’s Houthi rebels have claimed attacks on the pumping station of Saudi Arabia’s East-West Oil Pipeline, the oil base in Yanbu and the Aramco building in Riyadh. The Saudi-led military coalition has reported shooting down two drones. These incidents have increased concerns about the security of oil supply and transportation routes in the region.
Iran’s military also claimed that explosions occurred on four oil tankers in the Strait of Hormuz. However, Reuters could not independently verify these claims.
Crude oil reserves increased in America
One reason for pressure on crude oil prices is the increasing reserves in America. According to the US Energy Information Administration (EIA), America’s crude oil stock increased by 47 lakh barrels to 414.4 million barrels in the week ending November 6.
Market experts, on the contrary, expected a reduction in reserves. The reserves have increased due to weak demand for oil and increase in imports. This may limit the rise in prices in the international market.
Will petrol and diesel become expensive in India?
India fulfills a major part of its requirement through import of crude oil. In such a situation, the cost of oil in the international market can have an impact on the country’s import bill, value of rupee and inflation.
However, the increase in the price of crude oil does not immediately affect the retail prices of petrol and diesel. Oil companies take into account international prices, the position of the rupee against the dollar, refining costs and other expenses. Apart from this, taxes of central and state governments also decide the final price.
At present, there has been no change in the prices of petrol and diesel in major cities of the country on November 13. In the coming days, the situation in the Middle East, oil movement through the Strait of Hormuz and US oil reserves data will be important in determining the direction of prices.