Informist, Friday, Mar 11, 2022
By Sayantan Sarkar
MUMBAI – Crude oil prices in India and abroad were volatile today due to uncertainties surrounding the Russia-Ukraine war.
* “The sharp prices moves and volatility are a sign of the market’s nervousness and uncertainty about how supply chains will adjust to the disruption of Russian supplies,” said Norbert Rucker, head of economics and next generation research, Julius Baer.
* At 1833 IST
–March crude oil contract on the Multi Commodity Exchange of India was down 0.5% at 8,126 rupees per barrel.
–April contract on the New York Mercantile Exchange was up 0.2% at $106.29 per bbl.
* Meanwhile, Russian President Vladmir Putin reportedly said today that there was some progress in peace talks between Ukraine and Moscow. However, he did not provide any details.
* “The fundamental situation remains largely unchanged. So far, there is mainly anecdotal evidence of the extent to which the buyers have cut off Russian oil from world markets due to their self-sanctioning,” said Rucker.
* Outlook for the evening session:
–MCX contract is seen at 8,000-8,350 rupees per bbl
–NYMEX contract is seen at $105.15-$110.00 per bbl
End
US$1 = 76.59 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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