Informist, Wednesday, Dec 22, 2021
By Sandeep Sinha
MUMBAI – Crude oil prices in India fell marginally today, despite gains in benchmark international markets due to a softer dollar and steady equity markets as market participants await more clarity on the Omicron COVID-19 variant.
* Crude oil prices on NYMEX rose following data that showed a fall in US inventories, and due to optimism on demand from China. China’s National Development and Reform Commission assured to aid economic growth, including stepping up government spending, strengthening support to manufacturers, and stabilising industry supply chains, said Tapan Patel, senior commodity analyst at HDFC Securities.
* The American Petroleum Institute had reported that crude stockpiles had declined by 3.7 mln barrels in the week ended Friday. Official weekly inventory data by the US Energy Information Administration is due to be released later today.
* At 1700 IST
–The January crude oil contract on the Multi Commodity Exchange of India mildly lower 0.1% at 5,420 rupees per barrel.
–The January contract on the New York Mercantile Exchange was up 0.5% at $71.44 per bbl.
* “OPEC and allies continue to lurk in the background, and their free option on quickly reigning in production to support prices from the last meeting open should continue to be a warning to overenthusiastic bears,” said Jeffrey Halley, senior market analyst, Asia Pacific, OANDA.
* Outlook for the evening session by HDFC Securities:
–MCX contract is seen at 5,320-5,450 rupees per bbl
–NYMEX contract is seen at $69-$73 per bbl.
End
US$1 = 75.55 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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