Informist, Friday, Sep 24, 2021
By Rahul Dhuri
MUMBAI – Oil prices in the Indian market were down today tailing a fall in the overseas market, where prices slipped as China will release nearly 7.4 mln barrels of crude oil in markets today, which weighed down sentiment.
* China is one of the largest consumers of crude oil, and it is releasing stocks of the commodity from its reserves for the first time.
* Concerns about the risk to markets from the Evergrande Group’s ongoing tumult further weighed on crude oil prices. Evergrande’s debt crisis may have a domino effect on China’s economy.
* However, a sharp fall in prices was limited because demand for crude oil is expected to increase significantly as several major consuming countries emerge from the COVID-19 pandemic.
* At 1838 IST
–The October crude oil contract on the Multi Commodity Exchange of India was down 0.6% at 5,390 rupees a bbl.
–The November contract on the New York Mercantile Exchange was down 0.4% at $71.19 per bbl
End
US$1 = 73.69 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Michael Correya
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