Crude Oil prices on Wednesday slipped marginally amid prospects of a rise in oil supplies from OPEC (Organization of the Petroleum Exporting Countries) and non-OPEC producers.
Production supplies from three of the world's largest crude producers has improved in the month of June.
On Wednesday there were indications of a rise in oil supplies from the United States and also expectations that the OPEC may look at loosening voluntary production cuts that it had imposed upon its members.
On Tuesday, the American Petroleum Institute (API) reported that crude oil inventories were up by 830,000 barrels in the week to June 8, to 433.7 million barrels.
US crude oil production itself has jumped by 28% in the last two years to a record 10.8 million barrels per day (bpd). The Official US production and inventory data from the Energy Information Administration (EIA) is expected to confirm this data.
The output in Russia and Saudi Arabia too was rising at over 11 million bpd and 10 million bpd respectively.
A Reuters report suggests that Brent crude futures, the international benchmark for oil prices, were down by 39 cents at $75.49 per barrel at 0005 GMT. This was 0.5% down from ther last close.
US West Texas Intermediate (WTI) crude futures were pegged at $65.92 a barrel, down by 44 cents, or 0.7% from their last settlement.
The decision to withhold oil supplies was taken in 2017 by OPEC countries in consultation with a handful non-OPEC producers which also included Russia. The move was to avoid losses amid the supply glut, and thereby nudge prices.
A meeting of the group is expected on June 22 in Vienna, Austria, to discuss future production policy.
Lukman Otununga, an analyst from futures brokerage FXTM was quoted as saying that the prospect of easing supply curbs from OPEC-led producers continues to be reflected in oil's overall depressed price action.
There is an expectation that rising oil supplies could lead to a short to medium term downside.
This may appear like a good news for countries like India. The country has adopted a daily price revision of petrol and diesel prices.
On Wednesday, prices of Petrol were left unaltered at Rs 76.43 per litre in Delhi, and diesel at Rs 67.85 per litre.
There has been talks of subsuming petroleum products under the Goods and Services tax to further bring a relief to retail consumers.
|State Capitals (Applicable from 6:00 a.m. on 13-06-2018)||Petrol Current Price(Per Lt)||Petrol Previous Price(Per Lt)||Change(Rs)|
|Petrol price in Delhi||Rs.76.43||Rs.76.43||0.00|
|Petrol price in Kolkata||Rs.79.10||Rs.79.10||0.00|
|Petrol price in Mumbai||Rs.84.26||Rs.84.26||0.00|
|Petrol price in Chennai||Rs.79.33||Rs.79.33||0.00|
|Petrol price in Faridabad||Rs.77.21||Rs.77.21||0.00|
|Petrol price in Gurgaon||Rs.76.96||Rs.76.96||0.00|
|Petrol price in Noida||Rs.77.30||Rs.77.30||0.00|
|Petrol price in Ghaziabad||Rs.77.18||Rs.77.18||0.00|
|Petrol price in Agartala||Rs.72.22||Rs.72.22||0.00|
|Petrol price in Aizwal||Rs.72.34||Rs.72.34||0.00|
|Petrol price in Ambala||Rs.76.54||Rs.76.54||0.00|
|Petrol price in Bangalore||Rs.77.67||Rs.77.67||0.00|
|Petrol price in Bhopal||Rs.82.02||Rs.82.02||0.00|
|Petrol price in Bhubhaneswar||Rs.75.25||Rs.75.25||0.00|
|Petrol price in Chandigarh||Rs.73.51||Rs.73.51||0.00|
|Petrol price in Dehradun||Rs.77.76||Rs.77.76||0.00|
|Petrol price in Gandhinagar||Rs.75.74||Rs.75.74||0.00|
|Petrol price in Gangtok||Rs.79.50||Rs.79.50||0.00|
|Petrol price in Guwahati||Rs.78.57||Rs.78.57||0.00|
|Petrol price in Hyderabad||Rs.80.96||Rs.80.96||0.00|
|Petrol price in Imphal||Rs.74.52||Rs.74.52||0.00|
|Petrol price in Itanagar||Rs.72.33||Rs.72.33||0.00|
|Petrol price in Jaipur||Rs.79.17||Rs.79.17||0.00|
|Petrol price in Jammu||Rs.78.16||Rs.78.16||0.00|
|Petrol price in Jullunder||Rs.81.64||Rs.81.64||0.00|
|Petrol price in Kohima||Rs.74.91||Rs.74.91||0.00|
|Petrol price in Lucknow||Rs.77.25||Rs.77.25||0.00|
|Petrol price in Panjim||Rs.70.43||Rs.70.43||0.00|
|Petrol price in Patna||Rs.81.91||Rs.81.91||0.00|
|Petrol price in Pondicherry||Rs.75.23||Rs.75.23||0.00|
|Petrol price in Port Blair||Rs.65.89||Rs.65.89||0.00|
|Petrol price in Raipur||Rs.76.84||Rs.76.84||0.00|
|Petrol price in Ranchi||Rs.76.41||Rs.76.41||0.00|
|Petrol price in Shillong||Rs.75.83||Rs.75.83||0.00|
|Petrol price in Shimla||Rs.76.60||Rs.76.60||0.00|
|Petrol price in Srinagar||Rs.80.85||Rs.80.85||0.00|
|Petrol price in Trivandrum||Rs.79.53||Rs.79.53||0.00|
|Petrol price in Silvasa||Rs.74.35||Rs.74.35||0.00|
|Petrol price in Daman||Rs.74.28||Rs.74.28||0.00|