Informist, Thursday, Jun 30, 2022
By Sayantan Sarkar
MUMBAI – Crude oil prices in India and abroad fell today as stocks of petrol and diesel rose in the US for the week ended Friday. Production in the US also rose above the 12-mln-barrels-per-day mark for the first time since April 2020.
* Rise in stocks and production dulled investor sentiment today. The US is the world’s largest producer and consumer of crude oil.
* Meanwhile, the Organization of the Petroleum Exporting Countries and allies are scheduled to hold their monthly ministerial meeting later today to discuss oil market dynamics.
* “At their last meeting in early June, they had already decided to expand oil production by 650,000 barrels per day in both July and August, so confirmation of this is likely to be a mere formality today,” Commerzbank AG said in a report.
* At 1734 IST:
–July contract on the Multi Commodity Exchange of India was down 2.3% at 8,571 rupees per bbl.
–August contract on the New York Mercantile Exchange was down 1.3% at $108.4 per bbl.
* Further decline in production from Libya amid suspension of shipments from two major ports limited the fall in crude prices. Also, in Ecuador, production fell due to ongoing protests.
* In India, the government’s import of crude oil is expected to rise due to increasing demand and a shortage in fuel stocks at pumps, Bloomberg reported on Wednesday.
* Outlook for the evening session by HDFC Securities:
–MCX contract is seen at 8,550-8,850 rupees per bbl
–NYMEX contract is seen at $107-$112 per bbl
End
US$1 = 78.97 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Aditya Sakorkar
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