Crude oil prices fell by 0.94% to settle at ₹5,933, driven by concerns over global oil demand, particularly from China.
The U.S. Federal Reserve’s indication of a slower pace of interest rate cuts in 2025 added to the bearish sentiment, as higher borrowing costs could dampen economic growth and reduce fuel demand. A stronger dollar further pressured oil prices.
Supply-side factors also contributed to the decline, with Saudi Arabia’s crude exports reaching 5.925 million barrels in October, and Kazakhstan’s production plans indicating a substantial increase in output for 2025.
Crude oil inventories in the U.S. fell by 934,000 barrels in December, while gasoline stocks rose by 2.348 million barrels.
