Oil Prices Updates : rude oil prices climbed on Thursday, August 8, following positive U.S. job data that suggested the economy is growing, easing some concerns about fuel demand. Rising tensions in the Middle East also contributed to a third consecutive session of price gains, after crude hit an eight-month low on Monday.
Brent crude futures increased by 57 cents, or 0.73%, to $78.90 per barrel, while U.S. West Texas Intermediate (WTI) crude rose by 87 cents, or 1.16%, to $76.10 per barrel. The boost in oil prices was largely driven by data showing a decline in the number of Americans filing new unemployment claims, calming fears that the labor market was weakening more than anticipated.
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Key Factors Driving Crude Oil Prices:
U.S. Crude Inventories: A significant 3.7 million barrel drop in U.S. crude oil inventories last week, reported by the Energy Information Administration (EIA), far exceeded analysts’ expectations. This marked the sixth straight week of declines, bringing inventories to six-month lows.
Geopolitical Tensions: The recent killing of senior members of militant groups Hamas and Hezbollah has raised the possibility of retaliatory strikes by Iran against Israel, sparking concerns about potential disruptions in oil supply from the Middle East, the world’s largest oil-producing region. Analysts suggest that oil prices could spike if Iran retaliates significantly.
Libya’s Oil Production: Libya’s National Oil Corporation declared force majeure at its Sharara oilfield earlier this week, citing ongoing protests that have led to a gradual reduction in the field’s production.
Outlook for Crude Oil Prices:
Analysts note that WTI Crude rallied nearly 3% yesterday, closing above $75 per barrel, fueled by escalating geopolitical tensions in the Middle East and the continued decline in U.S. crude stocks.
“Ongoing protests in Libya have disrupted oil production, leading to the shutdown of the country’s largest oil field, Sharara. Today, WTI Crude holds its sharp gains from yesterday, trading above $75.50 per barrel amid concerns about a potential retaliatory strike by Iran against Israel,” said Kaynat Chainwala, AVP-Commodity Research at Kotak Securities.
Petrol Price In Hyderabad Today (August 10, 2024)
As on Aug 10, 2024, the petrol price in Hyderabad stands at ₹107.41. The price decreased from yesterday. Compared to the previous month, petrol price remained same. The petrol prices are revised every day at 6 AM. Termed dynamic fuel pricing, it was introduced in June 2017 in order to increase transparency and limit speculative practices.
The price of petrol in Hyderabad is influenced by a host of factors such as Brent crude oil prices, rupee to US dollar exchange rate, geopolitical risks like war which can cause market disequilibrium, supply-chain issues, etc. Besides, domestic conditions like change in excise duty or state taxes, change in demand, etc. affect petrol prices as well. Gross refining margins and dealer commissions are also factored in while calculating the petrol prices in Hyderabad.
Petrol Price in Hyderabad in August 2024
| Open Price | ₹107.58 |
|---|---|
| Close Price | ₹107.41 |
| Highest Price In August 2024 | ₹107.58 |
| Lowest Price In August 2024 | ₹107.41 |
The petrol prices in Hyderabad hovered around ₹107.43 during August 2024. It fluctuated between ₹107.58 and ₹107.41. During August 2024, petrol prices touched a high of ₹107.58 and a low of ₹107.41.
Monthly Petrol Price in Hyderabad (Historical Data)
Trend of Petrol Rate in August 2024
1st August ₹ 107.4110th August ₹ 107.41Highest Rate In August ₹ 107.58 on Aug 9thLowest Rate In August ₹ 107.41 on Aug 10thOver all Performance Falling
Trend of Petrol Rate in July 2024
1st July ₹ 107.4131st July ₹ 107.41Highest Rate In July ₹ 107.41 on Jul 31stLowest Rate In July ₹ 107.41 on Jul 31stOver all Performance No Change
Trend of Petrol Rate in June 2024
1st June ₹ 107.4130th June ₹ 107.41Highest Rate In June ₹ 107.58 on Jun 19thLowest Rate In June ₹ 107.41 on Jun 30thOver all Performance Falling
Trend of Petrol Rate in May 2024
1st May ₹ 107.4131st May 107.41Highest Rate In May ₹ 107.41 on May 31stLowest Rate In May ₹ 107.41 on May 31stOver all Performance No Change
Trend of Petrol Rate in April 2024
1st April ₹ 107.4130th April 107.41Highest Rate In April ₹ 107.58 on Apr 25thLowest Rate In April ₹ 107.41 on Apr 30thOver all Performance Falling
Trend of Petrol Rate in March 2024
1st March ₹ 109.6631st March ₹ 107.41Highest Rate In March ₹ 109.66 on Mar 14thLowest Rate In March ₹ 107.41 on Mar 31stOver all Performance Falling
Trend of Petrol Rate in February 2024
1st February ₹ 109.6629th February ₹ 109.66Highest Rate In February ₹ 109.66 on Feb 29thLowest Rate In February ₹ 109.66 on Feb 29thOver all Performance No Change