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India Crude: Flat post sharp gains; market focuses on EIA stock data

Informist, Wednesday, Dec 8, 2021

 

By Sayantan Sarkar

 

MUMBAI – Crude oil prices in India were flat today after sharp gains in the last two trading sessions, tracking global prices, as fears over the impact of Omicron faded. 

 

* “Assuming momentum remains positive in global markets, a fall in official US Crude Inventories, will probably be an excuse for oil prices to rally once again,” Jeffrey Halley, senior market analyst at OANDA, said in a report.  

 

* The American Petroleum Institute had reported that crude stockpiles had declined by 3.1 mln barrels for the week ended Friday on Tuesday.

 

* The official weekly inventory data by the US Energy Information Administration is due to be released later today. 

 

* At 1801 IST

  –The December crude oil contract on the Multi Commodity Exchange of India was flat at 5,457 rupees per bbl.

  –The January contract on the New York Mercantile Exchange was up 0.1% at $72.10 per bbl. 

 

* Meanwhile, an impasse in nuclear talks between Iran, the US, and other world powers boosted market sentiment further as the likelihood of oil supply from Tehran in the coming months dwindled. 

 

* Outlook for the evening session by Reliance Securities:

  –The MCX contract is seen at 5,290-5,690 rupees per bbl

  –The NYMEX contract is seen at $70.05-$73.55 per bbl.  End 

 

US$1 = 75.45 rupees

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Snigdha Kuttikat

 

Cogencis news is now Informist. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

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Source: Cogencis

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