Informist, Tuesday, Sep 28, 2021
By Sayantan Sarkar
MUMBAI – Oil prices in India jumped to a 12-week-high earlier today, tracking prices in the international markets that rose due to a supply crunch from US producers.
* The October crude oil contract on the Multi Commodity Exchange of India touched a 12-week high of 5,675 rupees per barrel, while the West Texas Intermediate crude price on the New York Mercantile Exchange also hit a 12-week high of $76.67 per barrel earlier today.
* A stronger dollar, however, weighed on international prices as oil becomes expensive to holders of other currencies when the greenback appreciates, limiting demand.
* At 2022 IST
–The October crude oil contract on the Multi Commodity Exchange of India was up 0.3% at 5,588 rupees a bbl.
–The November contract on the New York Mercantile Exchange was down 0.3% at $75.20 per bbl
* Crude oil prices have surged in the last few weeks after Hurricane Ida shut down operations in the US Gulf of Mexico nearly a month ago. Regional production has still not fully recovered, according to reports.
* Goldman Sachs has also scaled up its forecast for Brent crude oil on the Intercontinental Exchange by $10 per bbl to $90 per bbl for Oct-Dec due to global supply-demand mismatch.
* Outlook for the evening session:
–The MCX contract is seen at 5,420-5,680 rupees per bbl
–The NYMEX contract is seen at $74.90-$76.00 per bbl
US$1 = 74.04 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Michael Correya
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