Informist, Wednesday, Sep 29, 2021
By Sayantan Sarkar
MUMBAI – Oil prices in India and abroad slipped today after a report showed that stockpiles in the US rose unexpectedly for the week ended Friday, which boosted sentiment.
* The American Petroleum Institute reported that crude oil inventories in the country rose by 4.1 mln barrels last week. This was unexpected as production from the US Gulf of Mexico has still not recovered fully after Hurricane Ida had shut down operations in the region a month ago.
* At 1744 IST
–The October crude oil contract on the Multi Commodity Exchange of India was down 0.3% at 5,572 rupees a bbl.
–The November contract on the New York Mercantile Exchange was down 0.3% at $75.03 per bbl
* Investors will now wait for the official weekly inventory data by the US Energy Information Administration later today.
* The rupee’s weakness against the dollar, however, limited the fall in domestic crude contracts. A weaker rupee makes oil more expensive for Indian importers.
* Outlook for the evening session:
–The MCX contract is seen at 5,350-5,700 rupees per bbl
–The NYMEX contract is seen at $73.7-$76.1 per bbl
End
US$1 = 74.14 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Maheswaran Parameswaran
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Source: Cogencis
