Informist, Friday, Dec 24, 2021
By Sayantan Sarkar
MUMBAI – Crude oil contracts fell today on the Multi Commodity Exchange of India as the rupee appreciated against the dollar.
* A stronger rupee makes commodities priced in the dollar cheaper for Indian investors.
* At 1740 IST
–The January crude oil contract on MCX was down 0.3% at 5,513 rupees per barrel.
–The February contract on the New York Mercantile Exchange was up 1.3% at $73.72 per bbl.
* Global oil prices rose this week as concerns about the Omicron variant of COVID-19 eased.
* Sharp decline in US crude inventories last week also supported prices. Trading volumes are expected to be thin because of the New Year holidays.
* Outlook for the evening session:
–MCX contract is seen at 5,300-5,650 rupees per bbl
–NYMEX contract is seen at $72.85-$74 per bbl.
End
US$1 = 75.02 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Ashish Shirke
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