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Tuesday, October 4, 2022

India Crude: Down tailing NYMEX as US oil inventories rise

Informist, Thursday, Jun 9, 2022


By Sayantan Sarkar


MUMBAI – Prices of crude oil edged lower in India and abroad today, a day after data showed inventories in the US rose in the week ended Friday. 


* The US Energy Information Administration reported on late Wednesday that crude oil stockpiles in the country rose by 2 mln barrels last week, while distillate stocks increased by nearly 3 mln bbl. 


* At 1817 IST:

 –June contract on the Multi Commodity Exchange of India was down 0.7% at 9,459 rupees per bbl.

 –July contract on the New York Mercantile Exchange was down 0.3% at $121.8 per bbl.


* However, oil prices have been hovering near three-month highs as the market continues to focus on tight supplies. Experts believe the oil market is ignoring bearish factors that is keeping prices elevated.  


* “The news that a new partial lockdown is on the cards again in Shanghai because of a renewed outbreak of the virus is being deliberately ignored,” Commerzbank AG said in a report. 


* Meanwhile, reports have claimed that the energy minister of the United Arab Emirates said oil prices were nowhere near their peak. 


* Outlook for the evening session by HDFC Securities: 

 –MCX contract is seen at 9,210-9,650 rupees per bbl

 –NYMEX contract is seen at $118-$125 per bbl 




US$1 = 77.77 rupees

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


Edited by Deepshikha Bhardwaj



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Source: Cogencis

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