Informist, Wednesday, Nov 3, 2021
By Sayantan Sarkar
MUMBAI – Crude oil prices in India and abroad fell nearly 2% today as data showed inventories in the US rising sharply last week, hitting sentiment among investors.
* The American Petroleum Institute reported that crude oil stockpiles in the US rose by 3.6 mln barrels for the week ended Friday.
* At 1659 IST
–The November crude oil contract on the Multi Commodity Exchange of India was down 1.8% at 6,141 rupees per bbl
–The December contract on New York Mercantile Exchange was down 1.9% at $82.33 per bbl.
* Investors will now wait for the official weekly inventory data by the US Energy Information Administration later today.
* Meanwhile, the ministerial meeting of the Organization of the Petroleum Exporting Countries and allies, which will take place on Thursday, is expected to be the next trigger for oil prices this week.
* According to Commerzbank AG, OPEC may not given into pressure from major oil consumers such as the US and India to release more oil into the market.
* “It is questionable whether this (pressure) will cause OPEC+ to soften its stance given how unequivocally leading representatives of the alliance have spoken out in favour of sticking to the current plan of gradually expanding supply,” the German bank said in a report.
* Outlook for the evening session:
–The MCX contract is seen at 6,100-6,315 rupees per bbl
–The NYMEX contract is seen at $81-$85 per bbl. End
US$1 = 74.45 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Pranav S. Joshi
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Source: Cogencis