Informist, Tuesday, Feb 8, 2022
By Sayantan Sarkar
MUMBAI – Crude oil prices fell sharply today in India and abroad ahead of indirect talks between the US and Iran to revive a nuclear deal, after which Washington may lift sanctions on Tehran.
* The US has restored sanctions waivers to Iran at the weekend, which can be regarded as a gesture of goodwill. Reports have claimed that talks have made progress and both countries could soon strike a deal.
* “If a new deal can be agreed, the Russian chief negotiator expects this to be followed by a preparation period for its implementation lasting 1-2 months,” Commerzbank AG said in a report.
* “This means that the oil sanctions against Iran could potentially be relaxed by mid-year, which would allow Iranian oil exports to return in the second half of the year,” the German bank added.
* At 1658 IST
–February crude oil contract on the Multi Commodity Exchange of India was down 1.5% at 6,838 rupees per barrel.
–March contract on the New York Mercantile Exchange was down 1.8% at $89.68 per bbl.
* Outlook for the evening session by Geojit Financial Services:
–MCX contract is seen at 6,630-6,874 rupees per bbl
–NYMEX contract is seen at $88.66-$91.70 per bbl
End
US$1 = 74.74 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Michael Correya
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