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India Crude: Hits over 1-mo high as OPEC’s output cut lifts prices

Informist, Friday, Oct 7, 2022

 

By Sayantan Sarkar

 

MUMBAI – Crude oil prices continued to rise in India and abroad today as investors assess tight supplies after the Organization of the Petroleum Exporting Countries and allies cut production by a large amount earlier this week. 

 

* The price of West Texas Intermediate crude oil rose above the $90 per barrel for the first time in over a month today, while domestic contracts on the Multi Commodity Exchange of India also rose to an over one-month high of 7,564 rupees per bbl. 

 

* OPEC and its allies cut production by 2 mln bbl per day for November as prices had slumped for a period of time in September. 

 

* “While the net effect will be much smaller, maybe half or less, due to the inability of numerous members to actually hit previously agreed targets, it is still considerable,” Craig Erlam, senior market analyst, OANDA, UK, said in a report.

 

* “With Brent now firmly back in the $90-100 range, the group will likely be pleased with the outcome, although substantial uncertainty remains over the economic outlook that could ensure prices remain highly volatile,” Erlam added.  

 

* At 2031 IST:
 –October contract on the Multi Commodity Exchange of India was up 3.6% at 7,527 rupees per bbl.

 –November contract on the New York Mercantile Exchange was up 3.6% at $91.66 per bbl.

 

* Outlook for the evening session:
 –MCX contract is seen at 6,750-7,560 rupees per bbl
 –NYMEX contract is seen at $86.4-$92.0 per bbl

End

 

US$1 = 82.32 rupees

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

 

Edited by Maheswaran Parameswaran

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. 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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