Informist, Tuesday, Nov 30, 2021
By Sayantan Sarkar
MUMBAI – Crude oil prices in India and abroad fell today as traders fear that vaccines may not be effective against the new strain of COVID-19, Omicron.
* Major pharmaceutical company, Moderna’s Chief Medical Officer Paul Burton said the vaccine maker could roll out a reformulated vaccine against the strain early next year, while saying that the current vaccines may be less effective against the new strain.
* International oil prices have taken a beating in the last two weeks, while several countries such as the US announced that they will release crude from strategic reserves.
* The Organization of the Petroleum Exporting Countries and allies are scheduled to meet on Thursday as the cartel will look to respond to the strategic reserve releases.
* OPEC’s original plan was to step up output every month by 400,000 barrels per day every month. “This is virtually unimaginable in view of the latest market developments, however,” Commerzbank AG said in a report.
* At 1816 IST
–The December crude oil contract on the Multi Commodity Exchange of India was down 3.9% at 5,135 rupees per bbl.
–The January contract on the New York Mercantile Exchange was down 2.5% at $68.23 per bbl.
* Outlook for the evening session by Tapan Patel, senior analyst at HDFC Securities:
–The MCX contract is seen at 5,090-5,310 rupees per bbl
–The NYMEX contract is seen at $67-$70 per bbl. End
US$1 = 75.16 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
